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Base Protocol’s Token Jumps 250% Despite No Affiliation With Coinbase

Base Protocol's token skyrocketed today, reaching a high of nearly $7.50 around 11:30 a.m EST after months of price stagnation below $1.

The spike may have been caused by a misunderstanding.

Earlier today, exchange giant Coinbase announced the launch of Base, a Layer 2 blockchain network built using Optimism's OP Stack.

Despite launching the network with the proviso that "we have no plans to issue a network token," speculators began to buy $base, a token with no direct affiliation to Coinbase.

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