Coinbase's Base Network Fuels $16M Pump-and-Dump of Meme Coin

Coinbase’s Layer 2 network, Base, is under intense scrutiny after its official Twitter account promoted a meme coin called “Base is for everyone.” The tweet sparked a speculative frenzy that drove the token's market cap to an estimated $15–20 million within hours of its launch. However, the surge proved short-lived as liquidity was swiftly pulled, triggering a near-total collapse in value—over a 99% drop in minutes. Trading volumes on Uniswap surged past $13 million during this volatile period, confirming the pump-and-dump nature of the event. This incident has ignited widespread outrage on social media, with influencers and traders condemning the lack of due diligence and inadequate risk oversight by both Coinbase and the Base network. To date, Base has not issued an official response to address these concerns.