New meme coin Base is for everyone (BASE) has surged more than 88% in the last 24 hours and is trending No. 1 on CoinMarketCap — even after Coinbase disowned the token launched on its Base platform.

The meme coin was launched yesterday and Coinbase’s layer-2 project Base promoted the token on X and another social platform called Zora. 

Coinbase Distances Its Layer-2 Network From Base Is For Everyone After 90% Drop

Following a backlash after the token plummeted 90% at one point, Coinbase distanced its Base network from the meme coin. 

“Base did not launch a token,” a spokeswoman said in a statement. “This is not an official Base token, and Base did not sell this token. Base posted on Zora, which automatically tokenizes content.” 

Shortly after the token’s launch, Base is for everyone had soared to a market cap of $17.1 million. The climb was short-lived, with the meme coin’s value plummeting nearly 90% in 20 minutes to a capitalization of $1.9 million. 

The token has since recovered to a $16.5 million capitalization as of 2:10 a.m. EST. That’s after Base generated $73,422 in earnings with $34.69 million in trading volume in the last 24 hours, the meme coin’s Zora page shows.

X Crypto Community Disgusted With New Base Is For Everyone Token

Despite Base trying to distance itself from the Base is for everyone token, several X users have criticized the project for the meme coin’s launch. One X user even said that the blockchain has lost all of its credibility.

i have 1% of @base’s official memecoin! haha!

thats cool to say!

(im down a house)

on a real note- absolutely ridiculous there are high salary individuals that work on this chain.

how do you allow this to happen? how did this get greenlit? like actually laughable and any…

— adam (@Web3Adam) April 16, 2025

Former Riot Platforms researcher Pierre Rochard said the token is “terrible for the industry,” adding that it’s just an attempt at “very short-term transactional extraction.”

But the meme coin’s creator Jess Pollack, who has created several tokens and posted them on Zora in the past two months, defended the creation of the new meme coin. 

“Someone has to normalize putting all of our content onchain,” he said in an April 16 X post in defense of the token’s launch.

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