<p>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.</p> <p><img class="alignnone size-full wp-image-214699" src="https://www.tbstat.com/wp/uploads/2023/02/Screen-Shot-2023-02-23-at-1.58.18-PM.png" alt="" width="608" height="508" /></p> <p>The spike may have been caused by a misunderstanding.</p> <p>Earlier today, exchange giant Coinbase <a href="https://www.theblock.co/post/214183/coinbase-unveils-layer-2-network-and-developer-fund">announced</a> the launch of Base, a Layer 2 blockchain network built using Optimism's OP Stack.</p> <p>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.</p> <p>Within hours, the price of $base had risen nearly four times, despite falling in later hours of trading.</p> <p>As one Twitter user <a href="https://twitter.com/tier10k/status/1628760812490727424">put it</a>, "nobody reads the fine print..." </p><br /><span class="copyright"><p>© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.</p> </span>