What to Know
Token creation on Base is exploding, but real users and activity are falling, showing a clear “vanity metric” problem.
Zora’s near-free token system is flooding the network with low-value creator tokens that fail to build real communities.
The Nick Shirley token collapse shows viral fame doesn’t translate into long-term on-chain value or trust.
Over the past month, the Base blockchain has seen an explosion in the number of new tokens being created. On some days, more than 100,000 tokens were launched in just 24 hours. At first glance, this looks like massive growth. But a deeper look shows a very different picture.
While token creation numbers are rising fast, real user activity is falling. Active users on Base are now at their lowest point in 18 months. Transaction volume is also going down instead of up. This gap between big numbers and real usage is what analysts are calling a “vanity metric” problem, numbers that look impressive but don’t reflect real value or real engagement. Most of this token surge is coming from one platform: Zora.
How Zora Changed Token Creation
Zora allows anyone to create a token almost for free and with very little effort. This has made token creation extremely easy for content creators, influencers, and everyday users.
In theory, this sounds empowering. In reality, it has led to a flood of low-quality tokens that have no long-term purpose. People are creating tokens just because they can not because they solve a problem, build a community, or offer real value. This has inflated Base’s token numbers but failed to bring real economic activity, real users, or long-term engagement to the network.
The Nick Shirley Case
The biggest example of this problem is the $thenickshirley token. Nick Shirley is a content creator who went viral after releasing a video about a daycare fraud case. The video crossed 100 million views and even got attention from Elon Musk, Donald Trump, and Coinbase CEO Brian Armstrong. The hype was massive. When Shirley launched his token on Zora, people believed this would prove that viral attention could turn into real on-chain value.
At first, it looked successful. Market value peaked at $15 million, social buzz was huge, and trading activity was high. But it didn’t last. Today’s market value is around $75,000, and 24-hour trading volume is about $45,000, while community activity is almost nonexistent. Shirley reportedly earned between $40,000 and $65,000 from creator royalties and then moved on. There was no community building, no long-term content plan, and no ongoing engagement with token holders. This made the token a perfect example of what critics now call “speculation on speculation,” people buying tokens not for value, but just hoping someone else will buy later.
ZORA Token Price Action
As these problems became more visible, the ZORA token itself started falling. In the last 24 hours alone, ZORA dropped over 5.27%, performing worse than the overall crypto market. Over the last month, it is down around 25%.
A large number of ZORA tokens were unlocked and released into the market at the end of December. When this happens, early investors and insiders often sell, increasing supply and pushing prices down. High-profile creator tokens collapsing has damaged trust in the whole model. People are losing confidence in content-based tokens as a serious idea. Zora’s value depends on creators using the platform and people believing in creator coins. As more tokens fail, fewer people believe this system creates real value.
Conclusion
Zora’s fall is not just about price; it’s about trust. The Base network’s token surge looked like growth, but it turned out to be an illusion. The Nick Shirley case proved that viral attention alone cannot build lasting value. And as creator tokens collapse one by one, belief in the system is fading.
For crypto to grow, it needs more than easy tools and big numbers. It needs real users, real value, and real reasons to participate. Without that, vanity metrics will keep rising and real growth will keep falling.
Also Read: Bitcoin Mirrors Past Downturn Patterns as Unrealized Losses Turn Higher
