BE[IN]CRYPTO NEWS & TRADING

🍒💰 Last night, confidence in the Base ecosystem was shaken following the dramatic rise and fall of the “Coinbase Man” memecoin. #news 🟩 Here’s what happened Brian Armstrong publicly embraced the token by changing his profile picture to the Coinbase Man artwork. Coinbase official account supports. The move sparked massive market interest, sending the token’s market capitalization from approximately $800,000 to over $30 million. There are also growing theories circulating within the crypto community that Brian Armstrong and the Base team intentionally orchestrated the event to compete with the Robinhood Chain narrative and attract liquidity and trading activity back to the Base ecosystem. Less than 24 hours later, Armstrong reverted his profile picture back to his personal image. Within minutes, the token lost around 80% of its value, wiping out a significant portion of base investors who had interpreted the move as a strong endorsement of a native Base ecosystem token. Critics argue that many speculative projects launched around Base tend to experience short-lived hype cycles. The issue was also acknowledged internally. Cobie, the newly appointed head of the Base app, stated that mistakes made by Base and Coinbase had caused many users to lose trust. At the same time, he emphasized that he accepted the role because he believes the ecosystem can improve and intends to build products that users genuinely value, despite the criticism the team may face moving forward.

I think that typically CB has been a little bit in an ivory tower and a little bit distant from users, particularly crypto natives. I don’t think I will be able to fix that in a week, or maybe even a month. I can try and capture the voice of ppl onchain more and try and align ppl building things more closely w users. Obviously CB/Base has burned a lot of user goodwill w those users thru some unforced errors, including today.

🤔 Thoughts?