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Coinbase’s Base team launched two tokens Wednesday afternoon — and a lot of people were not impressed.

One of the tokens is dubbed “Base is for everyone.” The second is called “Base @ FarCon 2025.” 

The first token quickly spiked 962% in price — from $0.0016 to $0.017. Then, it abruptly crashed, spurring a flurry of allegations that the token was a “scam” or rugpull.

Rabby, a crypto wallet, even labeled the first Base token a scam token on its interface as a warning to traders, Tally CEO Dennison Bertram pointed out. 

One trader who claimed to hold 1% of the token’s…

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