Base’s Contentcoin on Zora Rebounds After Crashing 95%

Base, Coinbase’s Ethereum Layer-2 network, drew fire after promoting a token called “Base is for everyone” that collapsed 95% shortly after launch. The post, made on the onchain social network Zora, triggered a buying rush that spiked its market cap to $17 million before it plunged, wiping out over $15 million in hours.

The token was automatically minted via Zora’s content-to-coin feature, but Base’s official X account amplified it with an image and link; actions many users interpreted as endorsement. Lookonchain reported that wallets holding nearly half the token’s supply sold into the hype, with top buyers profiting $666,000 in minutes.

Base later denied launching or profiting from the token, noting it received 1% of supply “as creator” and would never sell it. “There is a significant risk of losing all funds spent on them,” the Zora page warned, adding that the token was “for entertainment and creative purposes.”

Despite a brief rebound to a $22 million market cap, the token now trades under $9 million, and criticism lingers. “No clear upfront communication, traders left confused, expectations completely misaligned,” wrote AP Collective’s Abhishek Pawa, calling the rollout of Base’s “contentcoin” idea a case of innovation turned chaos.

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Solana Surges on Canada ETF Launch and Coinbase Boost

Solana rose above $135, its highest price this month, after Canada debuted four spot Solana ETFs with staking functionality. The ETFs, issued by 3iQ, CI, Evolve, and Purpose, were approved by the Ontario Securities Commission and are designed to generate yield through staking. Meanwhile, Coinbase upgraded its Solana infrastructure, boosting transaction throughput and reliability.

The SOL price is now up over 23% this week, outperforming major coins including Bitcoin and Ethereum. Coinbase said the new backend uses bare-metal machines and asynchronous processing to increase efficiency by up to 5x. The double catalyst of ETF exposure and better trading performance has reinvigorated investor interest in the asset.

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PumpFun Rejects Meme Token Launch After Base Crash

PumpFun co-founder Alon Cohen issued a public statement distancing the Solana meme launchpad from Coinbase’s Base network after a viral token crashed. The Base-associated meme/content coin surged to $17 million in market cap within minutes of launch, before collapsing, despite Base stating it wasn’t official. Cohen condemned the experiment and pledged no stealth launches or team tokens.

The incident reignited debate over developer responsibility in meme-driven markets. Cohen argued that influence demands accountability, saying creators must avoid surprise drops or overhyped rollouts. PumpFun, which has faced past controversy over its content and token listings, is positioning itself as more user-aligned amid a volatile meme coin ecosystem.

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Fed Jerome Powell Hints at Softer Crypto Rules for Banks

Federal Reserve Chair Jerome Powell that crypto rules for U.S. banks could see a “loosening,” marking a tone shift under the Trump administration. Speaking at the Economic Club of Chicago, Powell said regulators had taken a “conservative” approach but now aim to foster innovation while preserving stability. He also praised congressional progress on stablecoin legislation.

Since January, federal agencies including the FDIC and OCC have reversed prior crypto restrictions, allowing banks to engage more freely with digital assets. Powell emphasized the need for clear consumer protections but acknowledged that stablecoins, in particular, could gain wide appeal. Meanwhile, Trump criticized Powell’s rate policies and called for his removal.

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Data of the Day

AI tokens and meme coins led the first quarter of 2025, accounting for over 60% of investor interest, according to CoinGecko’s quarterly report. AI projects claimed the top spot at 35.7% while meme-driven coins, fueled by political tie-ins and celebrity endorsements, followed at 27.1%. Analysts say the market is still cycling through old narratives with few new themes emerging.

The meme coin boom cooled after Argentina’s Libra token collapsed, causing billions in losses and skepticism around political token launches. Meanwhile, Solana’s ecosystem, once a favorite for meme deployment, saw a steep drop in new token creation. Despite volatility, some traders are still profiting handsomely, as seen in the $2,000-to-$43 million PEPE trade, even as meme coins lose steam.

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More Breaking News

• Babylon Chain's total value locked dropped 32% after wallets unstaked $1.26B in BTC, though partner Lombard Finance says funds will be restaked soon.
• LayerZero’s ZRO token jumped 10% after Andreessen Horowitz invested $55M with a 3-year lockup, further backing the protocol’s cross-chain vision.
• Eliza Labs launched auto(dot)fun, a no-code AI agent platform with a “fairer than fair” token model, letting anyone deploy autonomous agents across Web3.
• Former Galaxy exec Richard Kim was arrested for gambling away nearly $7M in investor funds from his crypto casino startup Zero Edge.
• Panama City will now accept BTC, ETH, USDC, and USDT for taxes and fees via instant bank conversion, bypassing the need for new legislation.
• Hong Kong approved a new Ethereum staking ETF by ChinaAMC and OSL, part of its wider strategy to become Asia’s premier digital asset hub.
• A Russian finance official proposed creating a national stablecoin to reduce dependence on US-based issuers like Tether after recent wallet freezes.

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