Zora, the Coinbase-backed on-chain social media platform, has announced the official launch of its ZORA token on April 23, following a surge in attention driven by a viral push from Base network creator Jesse Pollack. The token’s distribution will be based on two separate snapshots of user activity, one from January 1, 2020, to March 3, 2025, and the other from March 3 to April 20, 2025. Snapshots capture specific points in time on the blockchain, allowing users to earn tokens based on their platform interactions during these periods.
The platform saw an explosive increase in activity last week after Pollack highlighted Zora’s unique feature of creating “content coins,” or tokens linked to individual images and phrases that can be traded on the blockchain. This generated substantial hype, and by Sunday, Zora had attracted over 230,000 new users. A particular token, “Base is for everyone,” posted by Base’s official account, saw its market cap jump from a few thousand dollars to over $17 million in a matter of hours. However, blockchain investigators later found that three wallets had purchased the token before the public announcement, securing a $666,000 profit.
Coinbase, which operates Base, clarified that “Base is for everyone” is not the official cryptocurrency of the network and that it had not directly sold the token. Despite this clarification, the timing of the promotional push and the significant gains for early buyers led to accusations of insider trading. Critics on social media expressed frustration, with one user sarcastically claiming it was a marketing tactic to hype the token and create liquidity for a subsequent sell-off. Others speculated that insiders would profit greatly when the token went public.
Jesse Pollack responded to the backlash, firmly denying any accusations of manipulation. He assured the public that the efforts to promote the token were not part of a larger marketing campaign. However, the controversy has left some social media users questioning the transparency of the promotion, with several pointing out communication issues from Coinbase and Zora surrounding the initiative.
