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Of the last 50 tokens launched by Jesse Pollack on Coinbase’s Base, 40% have seen their market cap fall by at least 90%, and only three have seen it increase.
The Coinbase exec has launched hundreds, if not thousands, of tradable tokens that are generated alongside posts uploaded on Base. Protos looked into Pollack’s last 50 launches and discovered that 20 saw their market cap fall by over 90%, while 41 dropped by at least 60%.
One token with a $1 million market cap at launch has fallen 96% to just $31,200. On the other end of the scale, a token that launched with a market cap of $9,100 has fallen to $900, a 90% decrease.
Read more: Coinbase shells out $375M on Cobie’s podcast and investment firm Echo
The three tokens that actually saw their market caps climb were BASEDCCM, DOMINOS, and LOCTOBER, which increased by 119%, 143%, and 18% respectively.
It’s worth noting that these are the last 50 tokens from his Base account that are viewable on Dexscreener. Dexscreener couldn’t load the address of every token.
Pollak shilled DOMINO to an angry audience
Pollack’s “content coin” enterprise received a lot of hate after he shared the DOMINOS ticker on X.
Users begged Pollak not to post tickers, and said that doing so is negative for “enterprise value.” Some even suggested that he should be fired from Coinbase while others questioned whether his account had been hacked.
One user said, “If anyone else would’ve hard shilled this there would’ve been four on-chain detectives looking at their ancestry for an investigation.”
“So the face of Base is tweeting random tickers, and all the charts look like this. As much as I like Coinbase, I really don’t understand why they keep pushing this ‘tokenize everything’ narrative,” another posted.
One joked that Coinbase should give Pollak a raise so that he stops rugging his followers.
Read more: What’s the deal with Zora, Base, and content coins?
Around this time, the token was down 85% and had suffered two pump-and-dump price swings. Users at the time pointed out that the token had “no motion.”
However, the post’s has since attracted more traders, and its market cap rose to $788,000. It’s now at $322,000.
Jesse Pollak says users forget this is what Base is for
Pollak’s response to the criticism argued that coining every post is a sort of “attention market” that utilizes “content coins.”
In a post he made on Base, Pollak said, “Every few weeks CT re-remembers that every single post I make is a content coin that is valued in the free, open market.”
He said, “If you stop thinking about post/content coins as the same as other assets, you will have a more fun time trading them — they are attention assets.”
As for people “shitposting” in response to the DOMINO post, he said they should “go about your merry way.”
“If you’re not prepared to trade against the incredibly adversarial environment that is the onchain markets dark forest, you probably shouldn’t be trading these and forgo the opportunity to make it,” he said.
This response alone was criticized for being “the most insane out-of-touch nonsense.”
