After Coinbase announced the new blockchain network Base, an altcoin with the only similarity in name to the subject rose 385 percent.
The other day, Coinbase announced the mysterious news that millions of users have been eagerly waiting for. The stock market, which has been spreading the mystery of this news to the community for days, shared a bombshell effect yesterday evening. In this mysterious news of Coinbase, it was stated that it will create a new blockchain network.
Stating that it will establish an Ethereum Layer-2 network called “Base”, the exchange also led to speculation. With the impact of this news, an altcoin with a similar name rose by 385 percent within hours.
Coinbase News Gives A Rise To Altcoin With Name Similarity
Coinbase announced that in this new business plan, which it will walk with Optimism (OP), it will create an Ethereum Layer-2-based blockchain network. The name of this project was determined as Base. Aiming to build a faster and more reliable blockchain network, the exchange has sparked speculation on the back end.
With the news going live, an altcoin called Base Protocol (BASE) experienced an almost four-fold rise within hours.
At the same time that the news feed fell on social media, the BASE token, which has a name similar to the news but has nothing to do with it, experienced an increase from 2 dollars to 7 dollars. However, this rise gave way to a decline when it was understood that “Base Protocol has nothing to do with Coinbase”. Cryptocurrency fell to the level of $ 1.6 within hours.
In this bullish and bearish scenario, a detail in Coinbase’s news played an important role. Coinbase stated that this blockchain network it will create will not have any tokens.
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