Oregon's Attorney General lodged a lawsuit against Coinbase similar to federal charges that were dropped a few months ago.
Coinbase’s Layer-2 (L2) Network, Base, has faced intense backlash over rug-pull allegations after it promoted an unofficial memecoin that crashed by over 90%, sparking a debate about the future of memecoins and on-chain content. Related Reading: Aptos (APT) To Continue Moving In ‘No Man’s Land’ – Can It Reclaim $5? The Rise And Fall Of Base’s Unofficial Memecoin On Wednesday, Base’s official X account posted an image with the text “Base is for everyone.” Moments later, they shared a link to the on-chain social protocol Zora and the caption “Coined it,” sparking a speculative frenzy among investors. The protocol allows users to make social media posts into tradable tokens, automatically minting them. After Base’s post was turned into a token, the crypto community quickly skyrocketed its market capitalization to $17 million. However, online reports showed that the memecoin collapsed by around 92% after the top holders, who owned 47% of the supply, sold the memecoin just over an hour after launching. Some community members noted that the token was “HORRIFICALLY sniped,” while on-chain data analytics platform Lookonchain highlighted that “3 wallets bought a large amount of ‘Base is for everyone’ before Base posted and sold them, making a profit of ~$666K.” As a result, the community criticized the network’s team for the memecoin, calling the incident a rug pull and asking them to “stop launching worthless tokens that will all inevitably go to 0. You are diluting your brand and the value of real base assets.” Zora data shows Base has earned around $81,000 from the memecoin, which has recovered from the initial sell-off with a peak market capitalization of $26 million before retracing to the $9 million-$10 million range. Base’s Public Experiment Base responded to the backlash, clarifying they will never sell their holdings, but they weren’t an official network token either. The team explained that they posted on Zora because they believe everyone should bring content on-chain and use the tools that make it possible. Memes. Moments. Culture. If we want the future to be onchain, we have to be willing to experiment in public. That’s what we’re doing. To be clear, Base will never sell these tokens, and these are not official network tokens for Base, Coinbase, or any other related product. The content we share is creative, and we’re going to keep bringing culture onchain. The public on-chain experimentation opened a debate about memecoin culture and on-chain content, with Base’s creator, Jesse Pollak, weighing in. In a series of X posts, Pollak explained that “not all coins are the same,” outlining the differences between these two types of tokens. Is On-Chain Content The Future For Creators? According to his posts, a contentcoin is one piece of content with singular value and no expectations. Additionally, multiple of them can be created by the same person, with “big ones” potentially turning into memes. On the contrary, a memecoin is an “aggregation of content,” with aggregated value and high expectations, where the creator “should” only create one. He also noted that big ones turn into projects. Related Reading: Is The Storm Over For Ethereum? Analyst Says ‘Face-Melting’ Rally Comes Next Pollack considers that “someone has to normalize putting all of our content onchain. and i’m not afraid for it to be us. why? because in the wake of the chaos, we’ll normalize the behavior and create a better future for creators.” Nonetheless, many users remain skeptical, with community members also criticizing Base’s post announcing investors can mint a deleted scene of the “Vitalik: An Ethereum Story” documentary, where the project’s founder, Vitalik Buterin, shows what’s in his backpack. “Through ‘the financialization of everything’ we come to learn that most things are worthless,” the user stated. Featured Image from Unsplash.com, Chart from TradingView.com
In January, Coinbase vowed to improve its Solana transaction processing infrastructure after users experienced withdrawal and depositing issues.
The following article is adapted from The Block’s newsletter, The Daily, which comes out on weekday afternoons.
Coinbase International’s Bermuda‑licensed derivatives exchange processed nearly $100 billion in Bitcoin perpetual futures volume last week.
Coinbase-backed Layer-2 network Base is under fire from the crypto community after promoting a so-called “Content Coin” that lost nearly all its value shortly after launch. The controversy began on April 16 when Base shared a tokenized version of its “Base is for Everyone” post on Zora, a decentralized content-sharing platform, through its official X […]
The post Coinbase-backed Base draws fire for role in ‘pump-and-dump’ style ‘Content Coin’ token launch appeared first on CryptoSlate.
Base faced criticism earlier Wednesday after the 'Base is for everyone' token briefly crashed by 95% following an initial surge in value.
Analyst says retail pullback tied to tariff concerns will drag on Coinbase revenue through 2025.
The following article is adapted from The Block’s newsletter, The Daily, which comes out on weekday afternoons.
Traditional metrics for bear markets may not fully capture shifts in investor sentiment and market structure in the crypto space.
However, crypto prices may find a floor in mid-to-late Q2 — setting up a better Q3 — Head of Research David Duong said.
CleanSpark's holdings now exceed 12,000 BTC, worth just over $1 billion at current prices.
The SEC weighs its options on how to regulate the trading of digital assets, diverging significantly from the agency's previous approach.
Coinbase has filed a legal objection to the Federal Deposit Insurance Corporation’s (FDIC) latest attempt to delay the release of key documents related to the alleged debanking of crypto firms. On April 10, the exchange opposed the FDIC’s request for a 16-day extension in response to a Freedom of Information Act (FOIA) lawsuit. Paul Grewal, […]
The post Coinbase accuses FDIC of stalling crypto debanking document release appeared first on CryptoSlate.
Markets rebounded sharply after Trump paused global tariffs for 90 days and lowered most reciprocal duties to 10%, sparking a 7% jump in bitcoin.
Cathie Wood's investment company bought 199,401 shares in the past three days as the stock slumped.
The SEC intends to host a round table with Coinbase and other crypto legal rivals, and Ripple plans to acquire Hidden Road for $1.25 billion.
The broker initiated coverage of the crypto exchange with an overweight rating and a $245 price target.
Coinbase could see 5–10x stablecoin revenue growth by 2030, according to Cantor, which gave COIN a $245 target.
The SEC will hold a crypto roundtable on Friday featuring panelists from Coinbase, Cumberland DRW and Uniswap Labs.
ARK Invest adds over 83,000 shares of Coinbase across multiple ETFs during the market downturn.
The Cathie Wood-led Ark Invest similarly bought COIN's dip in March, adding over $16 million worth of Coinbase stock to its funds.
Coinbase Derivatives has taken a major step toward expanding its crypto offerings by filing with the US Commodity Futures Trading Commission (CFTC) to launch an XRP futures contract. If the CFTC gives the green light, trading could begin as early as April 21, 2025. According to Coinbase Institutional, the proposal would allow the company to […]
The post XRP outperforms market as Coinbase seeks CFTC approval for futures trading appeared first on CryptoSlate.
The exchange submitted a filing to the CFTC to list XRP futures.
Crypto exchange Coinbase Derivatives has filed with the CFTC to launch XRP and nano XRP futures, aiming to go live on April 21.
Bitwise Asset Management has rolled out three new exchange-traded funds (ETFs) designed to generate consistent monthly income by leveraging the high volatility of crypto-linked stocks, according to an April 3 statement. The newly launched ETFs include the Bitwise Coinbase Option Income Strategy ETF (ICOI), Bitwise Marathon Digital Option Income Strategy ETF (IMRA), and Bitwise MicroStrategy […]
The post Bitwise unveils 3 new ETFs to capitalize on crypto volatility for monthly income appeared first on CryptoSlate.
Three other states — Kentucky, Vermont and South Carolina — have already dropped their suits.
The following article is adapted from The Block’s newsletter, The Daily, which comes out on weekday afternoons.
The following article is adapted from The Block’s newsletter, The Daily, which comes out on weekday afternoons.
Kentucky has officially dropped its lawsuit against Coinbase over the exchange’s crypto-staking services. According to a joint filing submitted on March 31, the state’s Department of Financial Institutions dismissed the case without prejudice, signaling a broader shift in regulatory sentiment. Paul Grewal, Coinbase’s Chief Legal Officer, responded by highlighting the growing momentum in favor of […]
The post Kentucky drops Coinbase’s staking lawsuit amid growing regulatory shift appeared first on CryptoSlate.