The rapid rise and fall of the Base-based memecoin $BRIAN has stirred up debate over whether crypto traders are placing too much weight on social media activity from prominent industry executives.
Notably, the token surged to nearly $30 million in market capitalization before losing more than 90% of its value. The token, themed around Coinbase CEO Brian Armstrong as “The Bald Bull,” rallied after Armstrong temporarily changed his X profile picture to a related meme image.
The excitement proved short-lived after he reverted the profile picture within roughly 24 hours, triggering a sharp selloff.
Crypto commentator @CasperOnChain shared a video featuring trader @NotSoEasyMoney, who argued that the token has exhausted all meaningful catalysts.
He said the profile picture change was the primary factor for the rally, leaving little reason to expect another comparable event. He described the likelihood of additional actions from Armstrong or Coinbase supporting the token as effectively nonexistent, predicting a continued decline in value.
The comments came as the token continued trading well below its peak valuation.
The collapse also prompted criticism from market participants who had viewed the token as a potential cultural asset for the Base ecosystem.
Crypto trader @RuneCrypto_ said he had developed an investment thesis around $BRIAN becoming a community-driven token capable of onboarding Base users. However, he said Armstrong’s quick reversal undermined that thesis, claiming more than 10,000 traders suffered losses exceeding 90%.
Rune argued that leadership actions ultimately mattered more than the underlying narrative, adding that he no longer intended to speculate on similar opportunities tied to Base leadership.
Meanwhile, on-chain investigator @SoloJayQ claimed to have identified two wallets that may have benefited from advance knowledge of the rally.
According to the analysis, both wallets purchased $BRIAN one day before Armstrong’s profile picture change and collectively realized more than $325,000 in profits.
The investigator cited several factors he considered unusual, including minimal prior memecoin trading activity, very low transaction histories, months of inactivity before funding the wallets, and purchases occurring immediately before the event.
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Another analyst, @votesa, argued that the sequence of events raised questions beyond the memecoin itself. He said $BRIAN launched through O1 Exchange’s B20 launchpad and pointed to on-chain data indicating that the first unlock of 440 million O tokens from O1 vesting contracts began on July 17, the same day the memecoin attracted attention from several figures within the Base ecosystem.
The post noted that this timing alone does not prove coordination but suggested it warranted scrutiny. The analyst also claimed Coinbase-affiliated accounts briefly amplified the token before attention faded, allowing early buyers to exit into retail hype demand.
The $BRIAN episode shows how quickly social media activity from top crypto executives can drive speculation, as even something as simple as a profile picture change can spark FOMO buying.
Related: $1.2 Billion Exits Memecoins: Binance Data Signals Heavy Sell-Off
