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Three Wallets Snag ‘Base is for everyone’ Tokens Before Official Announcement, Profiting $666K

Token debuts remain a contentious issue, often criticized for their poor execution that allows individuals, supposedly armed with insider information about impending launches, to profit through front-running campaigns. The latest example is the "Base is for everyone" token announced by Coinbase`s Ethereum Layer 2 solution Base on Wednesday. Three crypto wallets bought tokens ahead of the official announcement on X, resulting in significant profits, according to blockchain sleuth Lookonchain. At around 19:30 UTC on Wednesday, Base announced the debut of its token minted via Zora, an on-chain social network, empowering creativity by turning any content posted on its network into tradable coins. The token quickly rose to a market capitalization of over $15 million, bringing significant gains to at least three crypto addresses that acquired coins before the official announcement on X. "3 wallets bought a large amount of "Base is for everyone" before @base posted and sold them, making a profit of ~$666K," Lookonchain said on X. The wallet address 0x0992 invested 1.5 ether (ETH), to purchase 256.39 million units of the token at 12:30 PM UTC and sold the entire coin stash for 108 ETH following the official announcement, pocketing a profit of $168,000 in just over an hour. Wallet address 0x5D9D invested 1 ETH ($1,580) and walked away with $266,000 profit, and another address, labelled 0xBD31, made $231,800. The token`s market capitalization tanked to less than $2 million after that as Base announced another coin for its FarCon poster, sucking out liquidity from the Base is for Everyone token and leaving entrants in the latter with a large loss. However, valuations have recovered since then, with the market capitalization of Base is for everyone topping the $18 mark as of writing, per data source DEX Screener . Base creator Jesse greenlighted the token, saying , "The goal is to “normalize putting all content on-chain." Base only posted on Zora Coinbase clarified that the Base is for everyone coin is not the official cryptocurrency of Base and the layer 2 did not directly sell these. “Base posted on Zora, which automatically tokenizes content,” Coinbase’s spokesperson told CoinDesk. The legal disclaimer on Zora suggested the same, with Base also clarifying its position on X, saying, it shall never sell these tokens. “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 on-chain,” Base said. Negative wealth effect The rapid boom-bust cycles in these smaller tokens often create a net negative wealth effect, allowing a select few to profit significantly while the majority face losses. This often leads to liquidity drain from the broader digital assets market. The larger the boom-and-bust cycles associated with these coins, the stronger the negative wealth effect. For instance, this year`s debut of LIBRA and TRUMP tokens destroyed millions in investor wealth, marking a major price top in bitcoin and the broader crypto market. Bitcoin World

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Bitcoin Price Holds Steady, But Futures Sentiment Signals Caution – Details

According to a recent CryptoQuant Quicktake post, while Bitcoin (BTC) has seen a steady rise in price from November 2024 to February 2025, sentiment in the cryptocurrency’s futures market has not shown a corresponding uptick. Bitcoin Futures Sentiment Index Signals Caution Bitcoin’s price surged from approximately $74,000 in November 2024 to a peak of $101,000 by early February 2025. However, following US President Donald Trump’s tariff announcements, risk-on assets – including BTC -have experienced a significant pullback. Related Reading: Bitcoin Boom Still In Play? Analyst Predicts Final Leg Up After hitting a potential local bottom of $74,508 earlier this month on April 6, the apex cryptocurrency has recovered some of its recent losses. The top digital asset is trading in the mid $80,000 range at the time of writing. Despite this recovery, BTC’s futures sentiment has continued to decline since February. Even as the price holds near local highs, sentiment in the futures market has notably cooled. CryptoQuant contributor abramchart highlighted this divergence, noting that it could indicate increasing caution or profit-taking behavior despite the ongoing bullish trend. The analyst commented: This indicates a cooling interest or increased fear in the futures market, possibly due to macroeconomic uncertainty, regulatory concerns, or expected corrections. A look at the BTC futures sentiment index shows a resistance zone around 0.8 and a support level near 0.2. The index is currently hovering around 0.4, pointing to a predominantly bearish sentiment across futures markets. Similarly, Bitcoin’s average price has steadily declined from its early 2025 highs. It is now ranging between $70,000 and $80,000, signalling possible market indecision amid heightened tariff tensions. According to abramchart, if futures sentiment remains low, BTC could face extended price consolidation or even downward pressure in the near term. However, any emerging bullish catalyst could quickly shift the sentiment and renew upward momentum. Is BTC Close To A Momentum Shift? Some analysts believe Bitcoin may be nearing a breakout. After consolidating in the mid-$80,000s for several weeks, on-chain metrics suggest BTC may be undervalued at current levels. Indicators such as BTC exchange reserves and the Stablecoin Supply Ratio support this view. Related Reading: Bitcoin Buy Signal Confirmed? Analysts Highlight Key Reversal Zone In Play In addition, momentum indicators like Bitcoin’s weekly Relative Strength Index have begun to break out of a long-standing downward trendline – raising hopes for a potential bullish rally back toward $100,000. However, several risks still remain. The recent appearance of a ‘death cross’ on BTC’s price chart – combined with persistent macroeconomic concerns related to trade tariffs – could still weigh heavily on market sentiment. At press time, BTC trades at $83,917, down 1.8% over the past 24 hours. Featured image from Unsplash, Charts from CryptoQuant and TradingView.com Bitcoin World