Coinbase L2 Blockchain Sends BASE Up 250%

The launch of Coinbase’s second layer blockchain caused quite a stir in the cryptocurrency industry, with BASE tokens seeing an astonishing surge of more than 250% in just 24 hours, following the announcement.

The price of the BASE token increased from $1.90 to over $6.80, with trading volumes rising from $46,000 per day to over $566,000 at the peak of the price. At the time of writing, the trading volume has risen to more than $1.1 million.

BASE’s founders claim that it represents the entire field of cryptography

Despite its small market capitalization of just $1 million, the token’s creators say it represents the entire cryptocurrency industry.

Its creators claim that it allows traders to speculate on the crypto industry with just one token.

However, the listing of the BASE token has yet to catch on with most cryptocurrency investors.

According to Token Sniffer, a smart contract fraud scanner and crypto monitoring firm, four malicious impersonation tokens have been generated since the launch of the Coinbase testnet on BuildOnBase, exploiting the hype surrounding the Layer 2 network.

All scam tokens are called BASE and are created using the Ethereum and Fantom chains.

The company warned investors about these fraudulent tokens, noting that impersonating scammers often use the trademarks of well-known companies that do not have their own tokens to defraud unsuspecting investors.

In turn, the hotspot scammers program the smart contracts of their tokens to discourage buyers from reselling them. Token Sniffer recommended that investors validate the token before investing.

Moreover, Coinbase’s launch of the base blockchain has not been smooth so far, with users expressing their dissatisfaction with the network’s performance and general functionality on Twitter after the testnet was launched on February 23, 2023.

After reaching an all-time high of $7.98 in March 2022, BASE token prices corrected amid heavy profit-taking, falling overnight to trade just over $2 in the Asian morning hours of February 24, 2023.

Despite BASE’s claims to represent the entire crypto industry, cryptocurrency enthusiasts have not yet widely embraced the token narrative.

While the launch of Coinbase’s Layer 2 blockchain caused BASE tokens to surge and plummet within 24 hours, it remains to be seen how the token will fare in the future, especially with the creation of malicious impersonation tokens and dissatisfaction among users with the underlying blockchain network. Careers.