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 <p>Scam tokens have taken Coinbase by storm. Recent research by Solidus Labs revealed that in the period between mid-July and August 9, more than 500 scam tokens were created on the Base Layer-2 blockchain. The tokens included BASEPEPE [BPEPE], Baby Yoda [YODA], etc.</p> 
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    <p lang="en" dir="ltr">More than 500 scam tokens have emerged on Base, the blockchain launched by Coinbase earlier this month https://t.co/69Sfg9AmSm</p>— Bloomberg Crypto (@crypto) August 16, 2023 
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 <p><strong>Also Read: Coinbase’s Base Welcomes Meme Coin Season: Assets Rise Upto 7-Million%</strong></p> 
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 <h3 class="wp-block-heading" id="h-the-buzz-factor">The ‘Buzz’ Factor</h3> 
 <p>Solidus’ report pointed out that around 300 tokens allowed creators to mint an uncapped supply. Furthermore, another 60 tokens blocked buyers from reselling them on exchanges. According to the New York-based company specializing in monitoring suspicious crypto transactions,</p> 
 <p><strong>“Scam token creators feed on hype, promise, and price and volume manipulation.”</strong></p> 
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 <p>As far as the numbers are concerned, the report pointed out that the scam tokens helped generate around $3.7 million in trading volume on Base DEXes. Consequentially, scammers made roughly $2 million in profit.</p> 
 <p>As reported recently, the launch of Coinbase’s Base for developers marked the onset of the meme-coin season. Such pump-and-dump crypto assets registered spikes of up to 7,000,000%. Furthermore, freshly created whale wallets have been driving activity on Base. HarryPotterObamaSonic10Inu with the ticker BITCOIN [not to be confused with the original BTC] has been another crypto that managed to find appeal among whales. In fact, this asset is up 182% in August, outshining other meme coins like Dogecoin and Shiba Inu.</p> 
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    <p lang="en" dir="ltr">🪄📷The biggest #memecoin on the block hasn't stopped its pumping ways. Despite many #altcoin retracements today, #HarryPotterObamaSonic10Inu price is now +182% in August. Watch volume &amp; network growth (rise is good), &amp; social dominance (rise is bad). https://t.co/NGd8rsWrek pic.twitter.com/ZMBXtAq4KU</p>— Santiment (@santimentfeed) August 16, 2023 
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 <p>Chen Arad, the Co-Founder of Solidus, said that “buzz” is always a factor, and Base naturally generated buzz, which ended up attracting scammers. The report noted that the hype surrounding the Base network was no exception, and as a result, approaching such tokens with caution held the key. Commenting on similar lines, a Coinbase spokesperson said,</p> 
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 <p><strong>“We encourage consumers to do their research diligently before participating in any dApp, on Base or any other chain, just as they would on the open internet.”</strong></p> 
 <p><strong>Also Read: Coinbase: ‘Fresh’ Whale Wallets Created in 2023 Drive Activity on Base</strong></p> 
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Coinbase: Base Scammers Earn $2 Million Profit From 500 Scam Tokens

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