Base Protocol’s token jumps 250% despite no affiliation with Coinbase

Base Protocol’s token skyrocketed today, reaching a high of nearly $7.50 around 11:30 a.m EST after months of price stagnation below $1.

The spike may have been caused by a misunderstanding.

Earlier today, exchange giant Coinbase announced the launch of Base, a Layer 2 blockchain network built using¬†Optimism’s OP Stack.

Despite launching the network with the proviso that “we have no plans to issue a network token,” speculators began to buy $base, a token with no direct affiliation to Coinbase.

Within hours, the price of $base had risen nearly four times, despite falling in later hours of trading.

As one Twitter user put it, “nobody reads the fine print…”¬†