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The BASE token’s fee rose from $1.90 to over $6.80, with buying and selling volumes surging from $46,000 every day to over $566,000 at the rate peak. At the time of writing, trading volume had surged similarly to over $1.1 million.
Despite its small market capitalization of simply $1 million, the token’s creators say that it represents the whole crypto industry.
Its creators claim it approves merchants to speculate on the crypto industry with just one token.
According to Token Sniffer, a clever contract scam scanner and crypto surveillance firm, four malicious impersonation tokens have been created since Coinbase’s testnet launch on BuildOnBase, exploiting the hype surrounding the layer two network.
All the rip-off tokens are called BASE and are created with Ethereum and Fantom chains.
The agency warned buyers about these fraudulent tokens, pointing out that impersonation scammers frequently use the branding of conventional groups that don’t have their tokens to defraud unsuspecting investors.
In contrast, honeypot scammers application their tokens’ clever contracts to dissuade consumers from reselling them. Token Sniffer advocated that traders verify the authenticity of the token earlier than investing.
Moreover, Coinbase’s launch of its Base blockchain has not been easy crusing so far, with users expressing dissatisfaction with the network’s performance and overall functionality on Twitter following the testnet rollout on Feb 23, 2023.
After attaining the all-time high of $7.98 in March 2022, BASE token prices corrected amid heavy profit taking, dropping in a single day to change simply over $2 in Asian morning hours on Feb 24, 2023
Despite BASE’s claims to characterize the complete crypto industry, crypto enthusiasts have but to adopt the narrative of the token widely.
While Coinbase’s layer 2 blockchain launch induced the BASE tokens to surge and decline within 24 hours, it remains to be seen how the token will perform in the future, especially with the advent of malicious impersonation tokens and the dissatisfaction among users with the Base blockchain network’s functionality.