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…”