The Base token is still in exploration, so why has the community already valued it at $373 billion?

The official Base had to clarify a “blunder” these days: their token has not gone live yet and is still under exploration. This clarification stemmed from a screenshot of the new Smart Cashtags feature posted by X product lead Nikita Bier, in which the Base token suddenly appeared, showing a market cap of $373 billion and a single token price of $130. This “virtual prophecy” sparked a frenzy of interpretations within the community, with some users even taking it as a signal of token issuance.

Why hasn’t the Base token arrived yet?

The official stance is very clear

Base responded with quite a mild wording—“Glad to see Nikita Bier thinking of us.” This wording reveals two messages: first, the official is not opposed to this “illustrative prophecy,” and even feels a bit touched; second, they are indeed exploring the possibility of a token, but no conclusion has been reached yet.

The phrase “still exploring” is very key. It doesn’t mean “never,” nor does it mean “soon,” but rather a typical non-committal statement from a technical team—leaving room for possibility without providing a timeline.

Why has there been no movement?

According to the latest news, U.S. bank Goldman Sachs just upgraded Coinbase’s rating to “Buy” on January 9, explicitly mentioning that the issuance of the Base token is a key catalyst for the company’s valuation re-evaluation. This indicates that Wall Street has already included this in their expectations.

However, from Base’s perspective, issuing a token involves several complex considerations:

• Regulatory uncertainty: As Coinbase’s L2 network, token issuance requires cautious handling of SEC attitudes
• Ecosystem maturity: Ensuring there are enough applications and liquidity within the ecosystem to support the token’s value
• Timing: Market sentiment, competitor moves, funding needs, and other factors all influence the decision

What does this clarification imply?

The disconnect between expectations and reality

The $373 billion market cap and $130 price shown in the screenshot are example data from Nikita Bier during a feature demo. But how absurd is this example? To compare: Ethereum’s current market cap is just over $200 billion. How can an unlaunched L2 token reach such a scale?

This discrepancy reflects a phenomenon: the market’s expectations for Base’s token issuance have been hyped to an irrational degree.

The official clarification is actually a form of confirmation

What seems like a “not yet” clarification actually indirectly confirms a few things:

• Base is seriously considering issuing a token
• The timing isn’t ripe yet, but the direction is clear
• The official does not oppose market expectations, only requests rationality

If Base had no plans to issue a token at all, they probably wouldn’t bother clarifying. This clarification, to some extent, validates Wall Street’s judgment—that token issuance is inevitable sooner or later.

How should the market view this?

Short-term: Don’t be fooled by the screenshot

The lesson from this incident is clear— in crypto markets, a single screenshot or retweet can trigger collective fantasies. Investors need to distinguish between official commitments, market expectations, and pure “imagination.”

Mid-term: The logic of token issuance is strengthening

Whether it’s Goldman Sachs’ optimism, Coinbase’s own funding needs, or Base’s ecosystem expansion ambitions, they all point to one direction—token issuance is very likely to happen. The key questions are: when, at what price, and in what mode.

Long-term: Base’s competitiveness isn’t in the token itself

As Coinbase’s L2 network, Base’s core competitiveness comes from: the richness of ecosystem applications, transaction costs, and user base. The token is just part of the incentive mechanism, not the whole picture.

Summary

This clarification from Base seems to deny that “the token hasn’t arrived,” but in fact, it says “we are taking this seriously, but the timing isn’t right yet.” For investors, the focus shouldn’t be on guessing when the token will come, but on observing what Base’s ecosystem is doing—are applications increasing? Are users growing? These are the fundamental factors that determine the token’s value. As for that $373 billion market cap prophecy, just take it as a joke—don’t take it seriously.