Base Zora Token Nightmare: Test Post Ignites $13M Pump Then 99% Dump

Base’s Zora token sparked $13M in trades but dropped 99% amid volatility concerns. Bots and a top wallet holding 25.6% triggered market manipulation fears. Base clarifies tokens are cultural, not financial—urges onchain content normalization. A recent test post by the Base team on Zora automatically created an ERC-20 token, leading to immediate, wild price swings. The event raised questions about onchain content value and how users see these new “content coins.” The token saw huge gains and losses within hours, sparking debate about market speculation, bots, and the need for clearer standards. 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,… — Base (@base) April 16, 2025 Posting on Zora automatically generates an ERC-20 token – part of Zora’s way to tokenize content. Following Zora’s standard process, Base received 10 million tokens (1% of the total supply) for the post. Base quickly stated it wouldn’t sell these toke… The post Base Zora Token Nightmare: Test Post Ignites $13M Pump Then 99% Dump appeared first on Coin Edition .

Source: Coin Edition