The launch of Coinbase’s Layer 2 blockchain has caused quite a stir in the crypto industry, with BASE tokens experiencing an incredible increase of over 250% in just 24 hours after the announcement.
The price of the BASE token increased from $1.90 to over $6.80, with trading volumes increasing from $46,000 daily to over $566,000 at the price peak. At the time of writing, the trading volume had increased further to over $1.1 million.
BASE founders claim it is a representation of the entire crypto sphere
Despite its small market cap of just $1 million, the token’s creators say it represents the entire crypto industry.
Its creators claim that it allows traders to speculate on the crypto industry with just a token.
However, the BASE token narrative has yet to capture the attention of most cryptocurrency investors.
According token trackera smart contract scam scanner and crypto surveillance firm, four malicious phishing tokens have been created since the launch of Coinbase’s testnet on BuildOnBase, exploiting the hype surrounding the layer 2 network.
All scam tokens are called BASE and are created with Ethereum and Fantom chains.
The company warned investors about these fraudulent tokens, noting that phishing scammers often use the branding of well-known companies that do not have their tokens to defraud unsuspecting investors.
Rather, honeypot scammers program the smart contracts for their tokens to discourage buyers from reselling them. Token Sniffer recommended that investors verify the authenticity of the token before investing.
Furthermore, Coinbase’s launch of its Base blockchain has not been smooth sailing thus far, with users expressing their dissatisfaction with the network’s performance and overall functionality on Twitter following the testnet’s launch on February 23. of 2023.
After hitting an all-time high of $7.98 in March 2022, BASE token prices corrected amid strong profit-taking, plunging overnight to trade just over $2 in overnight hours. Asian morning on February 24, 2023.
Despite BASE’s claims to represent the entire cryptocurrency industry, cryptocurrency enthusiasts have yet to widely adopt the token narrative.
While the launch of Coinbase’s Layer 2 blockchain caused BASE tokens to rise and fall in 24 hours, it remains to be seen how the token will perform in the future, especially with the creation of malicious phishing tokens and the dissatisfaction among users with the Base blockchain network. functionality.
