The rapid rise and sudden collapse of a creator token linked to YouTuber Nick Shirley has reignited debate about whether creator coins can drive lasting blockchain adoption.
The token was launched on Base, the Coinbase-backed Ethereum layer-2 network, using the Zora creator platform.
Within hours, it lost roughly 67% of its value, falling from a peak valuation near $9 million to about $3 million by January 1, 2026.
The sharp reversal has become a case study in how viral attention translates into speculative trading, rather than long-term user growth.
Viral Momentum Fueled a Brief Surge
Shirley’s creator token, trading under the ticker $THENICKSHIRLEY, emerged in late 2025 following a viral investigative video.
The 42-minute video spread rapidly across X, drawing hundreds of millions of views and attention from high-profile figures.
It focused on alleged childcare fraud in Minnesota, placing Shirley at the center of a political and media firestorm.
The claims were amplified by Elon Musk and figures linked to the Trump administration.
The allegations later featured in broader discussions when federal officials announced a freeze on childcare funds to Minnesota.
Against this backdrop, Shirley’s creator token was positioned as a real-world test of decentralized content monetization.
Fast Gains, Faster Pullback
Trading activity pushed the token’s fully diluted valuation to around $9 million in its early hours.
Coinbase CEO Brian Armstrong publicly praised the launch as an example of on-chain creator monetization.
The enthusiasm faded quickly as the token dropped more than 60% within days.
Most of the trading volume came from existing on-chain participants, rather than new users joining Base or Zora.
Despite the decline, on-chain data suggested Shirley earned between $41,600 and $65,000 in creator royalties.
Critics argue this highlights a structural imbalance favoring creators and early traders over broader adoption.
Missed Opportunity for Platforms
Several traders described the launch as a missed chance for Base and Zora to convert viral exposure into sustained growth.
A widely shared critique came from trader and content creator notthreadguy.
He argued that Shirley’s token represented the strongest possible test for creator coins and still failed.
He pointed to limited platform follow-through and a lack of meaningful onboarding for new users.
According to critics, profits and losses remained concentrated among speculative traders already active on-chain.
Coinbase CEO Brian Armstrong later acknowledged having a “chat” with notthreadguy about the episode.
SocialFi Ambitions Face Reality
The backlash arrived amid growing frustration with creator-focused experiments on Base.
Other Zora-linked tokens have followed similar patterns of sharp spikes followed by rapid declines.
Liquidity across many of these tokens has remained thin after initial hype fades.
A Solana-based meme coin called $LEARING also briefly surged after exploiting a spelling error in Shirley’s video.
That token reached a market capitalization above $3.3 million before losing momentum.
Base continues to position itself as a hub for decentralized social applications.
Previous experiments include Friend.tech, alongside newer platforms like Farcaster and Zora.
While forecasts suggest SocialFi could exceed $10 billion by 2033, retention remains uneven.
The Shirley token episode underscores how difficult it remains to turn attention into durable on-chain demand.
