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A social post by Base on Zora’s platform automatically minted as a tradable token, sparking a speculative frenzy before its value plummeted 92%. The incident highlights the volatile nature of onchain content tokens and the risks for unsuspecting traders.
- Base's social post on Zora auto-minted as a token, peaking at $13M before crashing 92% in 3 hours.
- Top 3 holders controlled 47% of the supply, raising concerns about market manipulation.
- Base's founder distinguishes 'content coins' from meme coins, citing Zora's vision for a free yet valuable internet.
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