App delays and launch sniping: Base co-founder’s token launch sparks community discontent

Author: Chloe, ChainCatcher

Yesterday, Base co-founder Jesse Pollak launched the jesse token, with the release time set for 1:00 AM Beijing time on November 21. Before the launch, Jesse tweeted that the token would debut on the Base App, emphasizing that this was to test and promote the creator coin feature of the Base App, allowing users to directly participate in minting and trading through the app. He also promised there would be no presale, insider allocation, or any unfair mechanisms.

However, the community responded strongly. Many users waited in the Base App but were unable to buy in time due to app crashes and delays. Ultimately, Jesse posted the contract address on X, while the Base App update was delayed by about 17-20 minutes, causing retail investors to miss the opportunity to buy at a low price. The community complained about being played, calling it “the most failed fair launch in Base’s history.” Some users even spent hours obtaining an app invitation code but to no avail.

In addition, according to Arkham tracking data, the token was immediately sniped upon launch, with 26% of the supply (about 261.7 million tokens) bought in the same block, mainly through Base network’s Flashblocks mechanism. Snipers paid high priority fees to compete, with the top two snipers making approximately $707,700 and $619,600 in profit, totaling $1.3 million in arbitrage. The community called it a “scientist battleground,” with retail investors almost unable to participate.

Currently, jesse is priced at $0.01705, with a market cap of $17.05 million.

Jesse proposes a vision to return value to all creators

Jesse insists this is not a meme coin but a “creator coin,” a lasting asset deeply tied to his personal brand and influence. The emergence of creator tokens, combined with “content coins,” aims to return ownership and revenue to creators and fans.

Back in April this year, Base was already embroiled in controversy due to content coins. At that time, the official Base account posted the slogan “Base is for everyone” on Zora, which was automatically minted as a tradable token. Base then shared this post on X. The resulting token’s market cap soared to $17 million within an hour but quickly crashed by 90%.

This event triggered much controversy in the community. Many users saw this as an official Base-endorsed meme coin. On the other hand, on-chain analytics platform Lookonchain revealed that three crypto wallets purchased the “Base is for everyone” token before the official announcement and quickly sold after the news, earning a total of $666,000. After these whales sold off, the token’s market cap fell below $2 million, causing latecomers to become victims and raising suspicions of insider trading.

The “Base is for everyone” token was seen as endorsed by Base, seriously damaging community trust. Facing accusations of Base launching a token to dump on retail, Base explained that the token was auto-minted by the Zora platform and that Base had only posted a message on the platform.

According to CCN, Jesse later admitted that he personally approved the post and said it was an experiment, while denying allegations of market manipulation. Since then, he has continued to mint “content coins” on Zora.

Celebrity coins are highly likely to end in failure

Although Jesse emphasizes the differentiation between content/creator coins, this type of launch tied to celebrities or creators often ends in failure.

A study by CoinWire found that, among 1,567 meme coins promoted by 377 celebrities on X, 86% lost at least 90% of their value within three months of being endorsed.

Even relatively successful projects like tokens for Trump and singer Iggy Azalea, which maintained market cap and trading volume over a longer period, are unlikely to reach their previous highs again.

Whether meme coins or content/creator coins, these are attention economy games. Even if retail investors have a chance at high returns, their value is rarely sustainable. Especially as mainstream altcoins remain sluggish, Jesse’s timing to launch may not be well received by the market.