Coinbase Apologizes For Unintentionally Promoting Meme Coin

Coinbase Provides Explanation

On April 16th, Base posted an image and link on X to a token titled “Base is for everyone” via Zora, a platform that turns posts into tradable tokens. Though not officially launched by Coinbase, the token’s rapid rise and fall sparked backlash and confusion.

Source: X (@base)

A Coinbase spokesperson clarified, “Base did not launch or sell this token,” explaining that Zora automatically tokenizes content. A disclaimer noted there are no profit expectations and that Base’s 10 million tokens (of 1 billion total supply) won’t be sold. Fee revenue will support developer grants.

$26M In Trading Volume

Despite the confusion, Base earned over $61,000 from the token, which saw $26M in trading volume. Many on X criticized the move, calling it a credibility loss and poorly executed.

Base creator Jesse Pollack defended the idea, however, calling tokenized content a step toward a new creator economy. Still, the token was reportedly sniped by bots, with two wallets flipping 21% of the supply for $300K.

A second token, “Base @ FarCon 2025,” also launched soon after, briefly peaked at $987K, then dropped 77% to around $230K.