Key Notes
- Jesse Pollak denied any private buying or selling to drive token prices on Base.
- He said coordinated price action would harm other tokens and fail over time.
- Pollak stated Base focuses on access and visibility, not price chart control.
Base co-founder Jesse Pollak publicly stated that the Base core team does not support token prices behind the scenes.
His comments followed an X post around the recent price surge of the Cat Own Kimono (COK) meme coin.
Pollak said the Base team will not coordinate private buying or selling to push the price of any asset.
He stated that such actions are not sustainable, would hurt other tokens, conflict with open market rules, and may break the law.
Pollak added that Base focuses on visibility and access for strong apps and tokens, not price action.
He said Base aims to bring more users, capital, and attention to the network while keeping markets fair.
COK Token Draws Attention as Activity Rebounds
COK had struggled for months after December 2024. However, the cat-themed meme token recently saw a sudden surge in activity.
The token jumped more than 200% in the past week, with trading volume reaching $5 million on Jan. 23.
COK also moved into the top trending list on DEX Screener. Popular crypto commentator and host of the Late Night on Base podcast, Bill, commented on the surge.
He said Base does not push projects to large market caps and suggested shifting focus to other chains.
Another X user replied that the issue affects all meme coins, not just Base. However, the host said Base has the chance to back one strong coin but has not done so, even as traders wait for a breakout token on the network.
Meme Coin Rugpull Cases
Speculative trading has helped many meme coins gain large market caps. In Jan. 2025, US President Donald Trump and First Lady Melania Trump launched their own meme coins during the inauguration period.
This surge has also increased losses and rugpull cases in the market. The HAWK token collapsed after reaching a $5 million market cap.
Similarly, the LIBRA token collapsed after reaching a market capitalization of around $100 million. The project had been linked to Argentine President Javier Milei.
Some exchanges now review meme coins more closely before listing them, although many have faced disputes of their own.
Base also faced criticism in April last year when a meme token surged and crashed after a Base post.
Coinbase later clarified that the token was created automatically through Zora and was not backed by Base or Coinbase.
Rugpull schemes usually rely on paid promotion, false ties to known brands, or planned price manipulation. Pollak said Base will not take part in any such activity.
next
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
A crypto journalist with over 5 years of experience in the industry, Parth has worked with major media outlets in the crypto and finance world, gathering experience and expertise in the space after surviving bear and bull markets over the years. Parth is also an author of 4 self-published books.
Parth Dubey on LinkedIn
Source: https://www.coinspeaker.com/no-secret-pump-and-dump-of-tokens-base-co-founder-jesse-pollak/
