Key Takeaways
- Newly launched Base memecoin saw a price crash of over 95% in hours as critics questioned the memecoin regulation.
- “Base is for everyone,” memecoin crash has led to Coinbase, Zora, and the Base network trending in the media, as insider traders profit big.
- Bitcoin holding its price above $81,000 heading into a new week could boost bullish price action to a high of $90,000.
Many crypto projects have received a lot of backlash in the last few weeks due to market manipulation and a crash in native tokens, raising many concerns about whether the teams involved care about their community.
In just a few days, the crypto market witnessed the manipulation of Mantra (OM) from a high of $6.77 to a region of $0.5, losing billions of dollars in marketcap and raising uncertainties within the crypto space. Not far off, another incident befell Base Network, and Coinbase’s incubated project was faced with much criticism due to the market crash of a memecoin it promoted.
The memecoin “Base is for everyone,” which gained much prominence due to its surge to a marketcap of $17M, crashed by over 95% within hours, raising many concerns of lack of transparency, insider, and lack of investor protection, giving much emphasis on why Coinbase is in the spotlight.
Base Network promoted “Base is for everyone” on Zora, a decentralized on-chain social app gaining much attention from influencers, traders, and investors. The sudden price crash of the memecoin has questioned the vetting process of Coinbase due to the pump-and-dump that happens to the just-listed token.
Following this saga, Lookonchain, a well-known blockchain analytical platform, jumped straight into the action, highlighting how three different individuals who bought early into the token profited over $666k. The platform showed how these wallets made between $170k to $260 each as profit from “Base is for everyone” memecoin.
Zora, Base, and Coinbase are all facing fallout from crypto critics. Many traders and investors have recalled that such events are becoming widespread in the crypto space, similarly, with manipulation affecting the Mantra price crash.
Despite recent market uncertainties, Bitcoin has remained strong in the last few days, protecting the $84,000 region as price attempts to rally to the upside.
Bitcoin Price Analysis Ahead Of Holiday
Source – BTC Price Chart From Coinmarketcap
The price of Bitcoin has responded strongly in the last few days, rallying from a low of $74,500 to a high of $85,000. This demonstrates a strong price rally in the last three months, as a break above a region of $95,000 could see the price trade into $100,000 for the first time in weeks.
Bitcoin’s price holding its ground around $84,000 to $81,000 is a good region for bulls in the coming weeks to try to push the price higher towards $90,000.
Overall, BTC’s price action looks good. Bulls aim to reclaim it’s price above $90,000, which could restore bullish market sentiment as the market trends increase.
