This token suddenly increased by over 2,400% on Uniswap V2 – why?

yesterday, Bitcoin Magazine According to the report, Coinbase has partnered with Optimism to officially launch a layer 2 solution called Base. This is arguably the biggest event in the crypto industry.

To celebrate the milestone, Coinbase released NFTs on Ethereum as “free minted coins,” meaning users only need to pay transaction fees to get them. The NFT has the exact same design, with a blue dot icon.

At the time of writing, users have spent a total of $462,500 in transaction fees to mint over 53,000 Coinbase NFTs, and the number keeps growing.

Total transaction fees for minting NFT Coinbase.

On the other hand, the base price of such an NFT listed on OpenSea is 0.0066 ETH (about $11). The market’s total trading volume was 316 ETH, equivalent to $522,000.

The token of the same name jumps forward

Although unrelated, and unfortunately, Base Protocol’s BASE token suddenly surged by more than 2,400% following this news.

On the 1-hour time frame, strong buying pressure at one point pushed BASE up 2,418% and created a long-term wick to highs around $58.2 on Uniswap V2. Of course, the pressure didn’t last long, and within the next hour, the coin was back on the ground, trading at $2.20.

Source: Uniswap V2

By the time the news broke last night, BASE had jumped 330% in value and hit a new multi-month high of $7.46, according to Coingecko. Despite the retracement to the $2 region, the token is still up over 46% on the day.

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