Its been a volatile 48 hours for Base ecosystem supporters, with spirits reaching rejuvenated highs after the viral video journalist, Nick Shirley, released a creator token on Base via Zora, only for it to crumble less than two days later, with the token dropping by 80%.
As a result, ZORA is having a rough day, falling more than 4% to $0.038 over the last 24 hours, despite BTC and ETH posting modest gains of around 1% today.
ZORA 7-day price chart. Source:CoinGecko
Following Shirleys token flop, even the most devout Base supporters are beginning to write off the creator coin ecosystem.
One popular Base user, known as rb3k on X, dubbed Shirley‘s creator coin “easily the most interesting case we’ve seen so far” upon its launch, but earlier today retracted that statement, given the clear lack of demand for a creator coin that had seemingly perfect product market fit.
“seems like any positive momentum is conveniently timed around unlocks and then immediately dumped into; prob no real breakout in price until theres actual usage + inflows that can outpace seed investors/VCs selling” rb3k concluded on X.
Popular crypto streamer and on-chain trader ThreadGuy also took to social media to post some thoughts on the creator coin ecosystem yesterday evening, calling it a massive failure, continuing:
In my opinion this was the test, if there was ever a time that these content coins were going to work, it was Nick Shirley right here right now in this moment, and it just didnt work.
$thenickshirley is down 79% from its all time high, and 45% over the last 24 hours.
$thenickshirley price chart. Source: DexScreener