91% of Coinbase’s Base Meme Coins at Risk: Vulnerabilities Exposed

91% of meme coins on Coinbase’s Base platform have been found to have security vulnerabilities, putting users at risk of significant losses, according to a new study. The analysis looked at 1,000 new Base tokens, primarily meme coins, and found that 908 projects failed to meet basic security measures such as locked liquidity, verified contracts, and the absence of honeypots. This lack of security could be due to creators’ ignorance of proper procedures or an attempt to troll the industry. Furthermore, suspicions have arisen that 17% of the meme coins on Base are outright scams, fueled by exaggerated sales “taxes.” The meme coin craze has caused division within the industry, with some criticizing their lack of utility and high scam rates, while others see them as a way to onboard new investors. Ethereum’s Vitalik Buterin believes that meme coins can have beneficial outcomes, highlighting instances where they have supported charity and cultural endeavors. However, as the meme coin phenomenon continues to grow, the need for real value, security measures, and investor vigilance becomes increasingly important.