Base Defends Memecoin Launch Amid 90% Crash and Community Criticism

TL;DR Coinbase-backed Base launched a memecoin as an experiment to bring cultural content on-chain, but the token lost 90% of its value within minutes. The community criticized the lack of transparency, especially due to token concentration in a few wallets and suspicions of insider activity. Despite criticism, Base defends the initiative as a creative attempt. . . source: https://crypto-economy.com/base-defends-memecoin-launch-amid-90-crash-and-community-criticism/