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Unrelated BASE Token Jumped 250% After Coinbase Starts Layer 2 Network Base
As of Friday, Coinbase has explicitly stated it has no plans to launch a token for its new blockchain.
Updated Mar 6, 2023, 3:44 p.m. Published Feb 24, 2023, 6:41 a.m.
Expect crypto punters to jump on anything with a distant relation to a trending topic to turn profits – as illogical as that may be to a seasoned equity investor.
Base Protocol’s BASE tokens jumped, then dumped, in the past 24 hours following an announcement by crypto exchange Coinbase about the launch of its layer 2 blockchain Base.
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Base, which has a tiny $1 million market capitalization as per CoinMarketCap, spiked from $1.90 in European hours on Thursday to over $6.80 after Coinbase’s Base was announced – a gain of as much as 250% for early participants.
Prices gradually corrected amid heavy profit taking, with BASE dropping overnight to trade just over $2 in Asian morning hours on Friday.
The jump came with a spike in trading volumes, from $46,000 per day to over $566,000 at the price peak, to over $1.1 million at writing time on Friday. These tokens are traded at the crypto exchange Gate and on the decentralized exchange PlasmaSwap.
Base token’s own model is rather novel: Its creators say BASE represents the entire crypto industry, with its price pegged to the total market cap of all cryptocurrencies at a ratio of 1:1 trillion.
“BASE allows traders to speculate on the entire crypto industry with one token,” the token’s site says. That narrative has, however, failed to fully catch on with crypto investors.
Meanwhile, Coinbase’s Base is off to a rocky start. Thursday’s testnet rollout racked up user complaints and jabs on Twitter, as CoinDesk reported, with network experiencing problems, and users flooding social media to complain about its overall functionality.
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LUNC Surges Over 160% in a Week as Do Kwon Sentencing and Token Burns Draw Traders
The rally is driven by speculation that a final verdict could bring clarity to the project, as well as technical factors like token burns.
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- Terra Classic (LUNC) surged 74% to $0.0000072, up 160% in the past week, on exploding trading volume, ahead of Terraform Labs founder Do Kwon's sentencing on Dec. 11.
- The rally is driven by speculation that a final verdict could bring clarity to the project, as well as technical factors like token burns, with 849 million LUNC destroyed in the past week.
- The token's momentum is also fueled by Binance's pause on LUNC withdrawals ahead of the Terra Chain's v2.18 upgrade, which aims to improve network stability, despite the token remaining volatile.
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