Author: Chloe, ChainCatcher
Yesterday, Base co-founder Jesse Pollak launched the Jesse token, scheduled for release at 1:00 AM Beijing time on November 21st. Prior to the launch, Jesse tweeted that the token would be first released on the Base App, emphasizing that this was to test and promote the Base App's creator coin feature, allowing users to participate in minting and trading directly through the App. He also promised that there would be no pre-sale, internal allocation, or any unfair mechanisms.
However, the community reacted strongly afterward. Many users were waiting in the Base App but were unable to buy in time due to App crashes and delays. In the end, Jesse posted the contract address on X instead. The Base App update was delayed by about 17-20 minutes, causing retail investors to miss the opportunity for a low price. The community complained that they were being mocked and called it "the most failed fair launch in Base history". Some users even spent several hours to get the App invitation code but returned empty-handed.
In addition, according to Arkham tracking data, the coin was targeted by snipers immediately upon launch, with a total of 26% of the supply (approximately 261.7 million coins) being bought up in the same block. This was mainly achieved through the Flashblocks mechanism of the Base network, where snipers paid high priority fees to compete for the tokens. The top two snipers profited approximately $707,700 and $619,600 respectively, for a total arbitrage profit of $1.3 million. The community described it as a "scientists' battlefield," with retail investors having virtually no chance to participate.
Jesse is currently priced at $0.01705, with a market capitalization of $17.05 million.
Jesse proposed a vision to return rights to all creators.
Jesse insists that this is not meme currency, but "creator currency," a lasting asset deeply tied to his personal brand and influence. The creation token, combined with "content currency," aims to return ownership and revenue to creators and fans.
Back in April, Base was embroiled in controversy over its content token. At the time, the official Base account posted the slogan "Base is for everyone" on Zora, which was automatically minted into a tradable token. Base then shared the post on the X platform. The resulting token's market capitalization surged to $17 million within an hour, but subsequently plummeted by 90%.
This incident sparked considerable controversy within the community. Many users believed it was a meme coin officially endorsed by Base. Meanwhile, on-chain analytics platform Lookonchain revealed that three cryptocurrency wallets purchased Base is for everyone tokens before the official Base announcement and quickly sold them after the news broke, netting a combined profit of $666,000. Following these whale sell-offs, the token's market capitalization plummeted below $2 million, making later entrants victims and raising concerns about insider trading.
The "Base is for everyone" token, which was essentially backed by Base, severely damaged community trust at the time. Facing controversy over whether Base was issuing a token to exploit users, Base explained that the token was automatically minted by the Zora platform, and that Base had simply posted a message on the platform.
According to CCN, Jesse later admitted that he personally approved the post and stated that it was an experiment, while refuting allegations of market manipulation. He continued minting "Content Coins" on Zora afterward.
Celebrity Coin has a high probability of ending in failure.
Despite Jesse's emphasis on the differentiation of content tokens/creator tokens, such token issuance, which is tied to celebrities and creators themselves, often ends in failure.
A CoinWire study found that of 1,567 meme coins promoted by 377 X platform celebrities, 86% lost at least 90% of their value within three months of receiving the endorsement.
Even relatively successful projects like the tokens of Trump and singer Iggy Azalea, which have maintained market capitalization and trading volume for a long period, are unlikely to reach the heights they have achieved in the past.
Whether it's meme coins or content coins/creator coins, they are all so-called attention economy games. Even if retail investors have the opportunity to taste the sweetness of high returns, their value is often difficult to sustain. Moreover, with mainstream Altcoin all weak, Jesse's choice to launch his coin at this time may not be well received by the market.
