Base Protocol's token jumps 250% despite no affiliation with Coinbase

Markets•February 23, 2023, 2:23PM EST
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Base Protocol's token jumps 250% despite no affiliation with Coinbase

Quick Take

  • Base Protocol’s token, BASE, jumped more than 250% today to nearly $7.50 at its peak.
  • Speculators believed the coin was associated with Base, a Layer 2 network launched today by Coinbase, despite an announcement stating that “we have no plans to issue a network token.”
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Base Protocol's token skyrocketed today, reaching a high of nearly $7.50 around 11:30 a.m EST after months of price stagnation below $1.

The spike may have been caused by a misunderstanding.

Earlier today, exchange giant Coinbase announced the launch of Base, a Layer 2 blockchain network built using Optimism's OP Stack.

Despite launching the network with the proviso that "we have no plans to issue a network token," speculators began to buy $base, a token with no direct affiliation to Coinbase.

Within hours, the price of $base had risen nearly four times, despite falling in later hours of trading.

As one Twitter user put it, "nobody reads the fine print..."