In the fast-paced world of crypto, timing is everything. A recent thread on X from @basedkarbon has stirred up conversation about Coinbase's inaugural Initial Coin Offering (ICO) for Monad, a high-speed layer-1 blockchain. The post questions the blind faith some have in Coinbase ensuring the project's success, pointing to the exchange's less-than-stellar track record.

The Thread That Started It All

The discussion kicked off with a quote from @rustedpopcorn: "Didn’t actually think they would allow this for their first ICO, we need more crime." This cryptic remark seems to poke at the choice of Monad for Coinbase's big ICO comeback, hinting at a need for more aggressive or unconventional tactics in the market.

@basedkarbon fires back, dismantling the notion that Coinbase would prop up the ICO no matter what. "Y'all keep saying this shit and it makes zero sense to me: 'Do you really think Coinbase is gonna let their first ICO fail? It has to do well'," they write. Then comes the roast: Coinbase's NFT marketplace launched after the NFT boom fizzled, and their Base chain integration with Zora for memecoin launches arrived post-memecoin mania. If history is any guide, Monad might face similar headwinds.

For those new to the lingo, an ICO is like a crypto version of an IPO—projects raise funds by selling tokens directly to investors. Monad, or $MON, aims to supercharge Ethereum-compatible apps with blazing-fast transaction speeds, but its token sale on Coinbase raised eyebrows with a $2.5 billion fully diluted valuation despite no revenue yet.

Coinbase's History of Hindsight

Coinbase, one of the biggest names in crypto exchanges, has built a reputation for playing it safe under regulatory scrutiny. But as the thread highlights, their product launches often miss the hype train. Remember the NFT marketplace? It debuted in 2022, right as NFT trading volumes plummeted from their 2021 peaks. Similarly, Base—a layer-2 network on Ethereum—rolled out memecoin tools via Zora in 2023, after the 2023 memecoin surge had cooled.

Memecoins, those fun, viral tokens like Dogecoin or Shiba Inu, thrive on community buzz and rapid speculation. Coinbase's delayed entry meant they missed capturing that explosive growth, leaving users to flock to competitors like Solana or Pump.fun for quicker, cheaper meme launches.

Now, with Monad's ICO wrapping up on November 22, 2025, raising over $269 million, the token is already trading below its ICO price on some platforms. Replies to the thread echo this skepticism: one user quips about Coinbase "destroying all their users" with high fees and locked tokens, while another laments the "absolute fiasco."

What This Means for Meme Token Enthusiasts

At Meme Insider, we're all about decoding how big moves like this ripple through the memecoin ecosystem. Monad positions itself as an EVM-compatible chain (that's Ethereum Virtual Machine, meaning it runs Ethereum-style smart contracts) with potential for high-throughput apps. If it succeeds, it could become a hotbed for next-gen memecoins, offering faster and cheaper transactions than congested networks.

But the thread's cautionary tale reminds us: hype alone doesn't guarantee wins. Coinbase's "guardrails" for token sales—aimed at preventing 2017-style ICO chaos—might make things too rigid for volatile meme markets. As one reply notes, "People don’t even think about the possibility of something being good enough to attract buyers. They just hope it will be propped up."

Looking Ahead: Lessons for Future ICOs

If Monad rebounds, it could validate Coinbase's platform and spark a wave of regulated token sales. For memecoin creators, this might mean easier access to mainstream investors without the wild west risks. But if it flops, as critics predict, it could deter projects from high-FDV launches (fully diluted valuation, or the token's total potential market cap).

In the replies, users debate long-term vs. hype-driven strategies. One suggests Coinbase is eyeing sustainability over short-term pumps, while others call for more "crime"—crypto slang for bold, sometimes shady, maneuvers to juice prices.

For blockchain practitioners, this saga underscores the importance of market timing and community alignment. Whether you're farming airdrops or building dApps, staying ahead of cycles is key. Check out our knowledge base for more on memecoin trends and layer-1 innovations.

What do you think—will Monad defy the odds, or is this another Coinbase misstep? Drop your takes in the comments below.

For the full thread, head over to X.