Coinbase and Zora Accused of Shady Marketing Ahead of ZORA Token Launch
1 min read
Onchain social network Zora revealed that its token generation event (TGE) is slated for April 23, in an X post on Sunday, April 20. Many in the community are criticizing the timing of the announcement, after the controversial launch of a memecoin on Zora last week. The platform’s token, ZORA, is set to go live just a week after Ethereum Layer 2 (L2) Base launched a memecoin on Zora that caused a wave of backlash on Crypto Twitter. The memecoin — which Base creator Jesse Pollak insisted should be called not a memecoin, but a “content coin” — was posted about on Base’s official X account, causing many onlookers to assume it was an official token from Base. The tokenized content’s price surged before crashing 95%, in what many in the community were quick to dub a rugpull. Base clarified its positioning in an X post only the following day, April 17, stating “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.” To continue reading this as well as other DeFi and Web3 news, visit us at thedefiant.io
Source: The Defiant
