Coinbase and Zora face allegations of questionable promotional practices surrounding the upcoming ZORA token release.

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Upcoming Token Generation Event

Onchain social network Zora announced its token generation event (TGE) will take place on April 23rd, according to a recent X post. The timing has drawn criticism from the community, following a recent controversy involving a memecoin launch on the platform. ZORA tokens are scheduled to launch just a week after Base, an Ethereum Layer 2, hosted a similar memecoin event.

The Recent Memecoin Launch

The memecoin, championed by Base creator Jesse Pollak as a “content coin,” was initially promoted on Base’s official X account. This promotion led many to incorrectly believe it was an official token from Base. Following its initial price surge, the token’s value plummeted by 95%, prompting widespread accusations of a rugpull.

Base's Clarification and Further Information

Base issued a clarification on April 17, stating it would never sell the tokens and that they are not official network tokens. The platform emphasized its commitment to bringing culture onchain through creative content sharing. For additional DeFi and Web3 news, visit thedefiant.io.