U.S. crypto exchange Coinbase launched a memecoin. Or rather, its subsidiary issued a “content coin.” Or maybe it just posted “on-chain” content? The distinctions are slippery but, however one defines Coinbase's actions, the response from the crypto industry has been withering—and put the publicly traded company on the defensive.
The controversy began on Wednesday when the social media team for Base, Coinbase’s blockchain, posted a picture that read, “Base is for everyone,” on Zora, an NFT platform that has pivoted to memecoins. When Base posted the image, Zora created a linked cryptocurrency, which soon rocketed to a market capitalization above $14 million before crashing to $1 million. It’s since rebounded to more than $12 million as of Friday evening, according to Dexscreener.
