Coinbase’s Base App Rebrand Sends a Little-Known Token Soaring 440% Amid SocialFi Boom
Coinbase’s rebrand of its Wallet into the Base App has kicked off a SocialFi surge, sending Zora’s (ZORA) activity into overdrive and leading to a massive rally for its token.
Zora, which lets users mint tradable tokens tied to individual social posts, saw a dramatic rise in use following the app’s July 16 rebrand. The Base app’s features include posting, chatting and one-tap token minting, integrated with Zora and Farcaster.
The result, according to Dune data, were daily Zora token creations jumping from about 4,000 to more than 15,000, with a peak of 38,000 mints on July 24.
Daily trades rose from 30,000 to over 150,000, while trading volume crossed $6 million a day, up from just $1 million before the launch.
The price of ZORA soared 440% in the past week, from $0.011 to $0.0615. The token’s market cap rose to more than $200 million from just below $50 million in a week, according to CoinMarketCap data.
Creator earnings followed the trend, according to Dune data.
Daily payouts spiked from around $1,000 to over $30,000 as more than 12,000 unique creators joined the rush. Over 8,000 Zora Smart Wallets were active each day during the boom.
Read more: How Will Coinbase Rebrand Its Wallet?
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