Base protocol's token, which is not related to Coinbase's layer 2, is pegged to the total market cap of all cryptocurrencies at a ratio of 1:1 trillion. By shauryamalwa.
Expect crypto punters to jump on anything with a distant relation to a trending topic to turn profits – as illogical as that may be to a seasoned equity investor.
Base, which has a tiny $1 million market capitalization as per CoinMarketCap, spiked from $1.9 in European hours on Thursday to over $6.8 after Coinbase’s Base was announced – a gain of as much as 250% for early participants.Prices gradually corrected amid heavy profit taking, with base dropping overnight to trade just over $2 in Asian morning hours on Friday.
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