Jeff Dorman, the Chief Investment Officer (CIO) at Arca, recently made a bold claim regarding the future of Coinbase and its Base blockchain project. According to Dorman, the Coinbase team will eventually launch a native token for the Base blockchain network and will distribute it as a dividend to all Coinbase ($COIN) stockholders. This move, he believes, will effectively compel all $COIN stockholders to enter the world of cryptocurrencies.
Dorman, a seasoned expert in both traditional finance and digital assets, is well-respected for his insights into cryptocurrency markets and blockchain technology. On October 19, 2024, he took to Twitter to share his thoughts on the potential future developments of the Base blockchain network in response to a tweet about Base and Coinbase ($COIN) stock.
In his tweet, Dorman suggested that Coinbase will introduce a Base token on the Base blockchain network at some point in the future. This token would be distributed to $COIN stockholders as a dividend or spinoff, with an estimated value of $5-10 billion. Dorman further speculated that Coinbase could leverage this move to encourage all non-crypto $COIN stockholders to create a crypto wallet on the platform in order to claim their dividends.
This prediction by Dorman holds weight due to historical precedents where blockchain networks have launched native tokens either at the network’s inception or after widespread adoption. However, it is important to note that while several tokens with the name “Base” are currently trading in the crypto space, the Coinbase team has not announced any plans to launch a cryptocurrency. Some fraudulent actors have taken advantage of this by creating fake Base tokens to deceive unsuspecting investors.
During the initial days of the Base network launch, numerous meme tokens emerged on the Base network, such as Coinbase Pepe (CPEPE), BaseDoge (BDOGE), BaseShiba (BSHIBA), and CoinBase Inu (CBINU). These tokens gained popularity despite having no affiliation with the actual Base blockchain network.
As the crypto space continues to evolve, investors must remain vigilant against potential scams and fraudulent activities. By staying informed and conducting thorough research, individuals can protect themselves from falling victim to deceptive schemes.