Coibases Base Network Allegedly Fueled a $16 Million Pump and Dump

Coinbase‘s Layer 2 network, Base, is facing intense scrutiny after what appears to be a major pump and dump—one that it inadvertently helped fuel. The project’s official Twitter account publicly promoted a meme coin titled “Base is for everyone.”

This triggered a speculative surge, driving the tokens market cap to an estimated $15 to $20 million within hours of launch. The token quickly plummeted near zero in mutes.

Did Base Just Help Fuel a Pump and Dump？

Bases tweet, which featured promotional imagery and direct links to the meme coin on Zora, created the perception of legitimacy.

Traders piled in, and price charts reflected an explosive rally—followed by an equally sharp collapse.

The ‘Base Is For Everyone’ Post. Source: Base/X

Within one 4-hour trading window, a green candle representing millions in inflow was immediately reversed by a red candle of equal size, marking a total loss of liquidity and confirming a textbook pump and dump.

The tokens value fell by more than 99%, and trading volumes on Uniswap surged past $13 million during the brief window of activity.

There is massive ongoing outrage against both Coinbase and Base. Crypto influencers have called the incident a failure of due diligence and communications strategy.

Accusations of incompetence and poor risk oversight are spreading fast on social media, while memes mocking the networks “Base is for everyone” slogan are everywhere.

Base is yet to provide an official response to the incident.