invezz.com
Base Protocol (BASE) outshone other cryptocurrencies on Thursday with a staggering 250% price gain as the protocol’s native token benefitted from the latest news from crypto exchange Coinbase.
Unrelated Coinbase news triggers 250% rally for BASE
The massive price jump for BASE happened right after Coinbase’s announcement, but the exchange’s launch of layer-2 blockchain Base actually had nothing to do with the Base Protocol.
Coinbase indeed noted that it didn’t plan to launch any token. More importantly, its Ethereum L2 blockchain platform has no affiliation whatsoever with the BASE token.
2/ Important: Base is *not* a token
— Coinbase (@coinbase) February 23, 2023
We do not plan to issue a new network token for Base and will use ETH as the native gas token.
Yet speculation from a market hyped by the news catapulted the token to highs of $7.46, just shy of its all-time high of $7.98 reached on March 11, 2022.
BASE has since pared over 70% of the gains and is as of 15:10 pm ET trading around $4.19. The outlier price action sees the token 182% in the past 24 hours and over 370% in the past week.
The random gain has the cryptocurrency’s market cap up roughly 184% in the past 24 hours, currently at $2.1 million.