Meme Coin on Base Network Sees Volatile Swing: Whales Capitalize with $666K Profit Prior to Sharp Decline

The cryptocurrency market witnessed dramatic volatility as a meme coin on the Base network experienced a rapid surge followed by a steep correction. Large-scale investors, commonly referred to as ’whales,’ executed well-timed trades, securing profits totaling $666,000 before the asset’s value plummeted. This event highlights the high-risk, high-reward nature of speculative meme coins and underscores the influence of major holders in such markets. Analysts are now examining the on-chain data to identify patterns that could indicate similar future movements.

• The “Base is for everyone” coin surged to $17M before crashing 95%, sparking debates on crypto market volatility.
• Base clarified the coin was an experimental, unregistered offering and emphasized no official involvement in sales.
• Whale wallets made up to $666K profit by purchasing large token amounts before official announcements and selling later.

The ‘Base is for everyone’ meme coin was briefly listed on Coinbase’s Base network and got to a market cap of $17 million in its short time. Initially marketed as part of a Base promotion through Zora, an on-chain content platform, the coin attracted considerable attention at first. It rapidly declined by 95% after this surge, and the price could not hold steady at the new high.

The primary objective of the coin was to expand the horizons of cryptocurrency practice within the domains of post-internet counterculture. However, Base, the company behind the coin, clarified that it was an unregistered offering and that they will not be selling their 10 million tokens of creator stake. Still, the high volatility in the value of the coin has attracted and encouraged people, making them consider the experiment.

Base is posting on Zora because we believe everyone should bring their content onchain, 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,…

Whale Activity and Profits

Base described it as a public test to observe the viability of tokenizing content. The team also emphasized that the coin was developed solely as an experimental project, rather than as a formal initiative. Nonetheless, the sharp drop in prices for these digital assets and the withdrawal of first movers have raised alarm within the context of the members of the crypto populace.

According to Lookonchain, there were four significant whale pumps on this token before the official announcement was made. These wallets, in later stages, began dumping their shareholding and, in the process, made handsome profits. In total, it was possible to make approximately $666,000 from the traded assets.

3 wallets bought a large amount of "Base is for everyone" before @base posted and sold them, making a profit of ~$666K.

0x0992 spent 1.5 $ETH($2,370) to buy 256.39M "Base is for everyone", and sold all for 108 $ETH($170.4K), making $168K.https://t.co/1QSP9LDMF8

0x5D9D spent 1… pic.twitter.com/1lrSydphxP

Specifically, the wallet 0x0992 submitted 1.5 ETH ($2,370) to purchase 256.39 million tokens. He later exchanged it for 108 ETH, which are equivalent to $170,400, thereby making a profit of $168,000. Another wallet with address identification number 0x5D9D purchased 1 ETH ($1,577) in exchange for 82.86 million tokens and later sold the tokens for 169.7 ETH ($267,600), resulting in a net gain of $266,000.

Base Token Market Moves

The third wallet, with the address 0xBD31, bought tokens for 1 ETH, which was equivalent to $1,577 at the time, for 131,920,685 tokens. It then sold 109.92 million of those tokens for 148 ETH ($233,400) and earned a profit of $231,800. This case was registered after the official X post; the token had already been created.

The overall discussion has been centered on the experiences of the community members in relation to token launches and the possibility of market manipulation by early investors. Regardless of the outcome, it has raised questions on how such experiments may be used to define future trends in the world of cryptocurrency.