x402 Protocol Debuts on Base with $PING Soaring 8×
Coinbase and Cloudflare’s x402 protocol has launched its first token, $PING, on the Base blockchain, delivering nearly 100× returns on mint and surging over 8× within 24 hours to a market cap above $30 million. The launch mimics the early inscription craze by requiring $1 on-chain payments for 5,000 PING via HTTP 402 verification. Over the past 30 days, the x402 protocol processed more than 150,000 transactions worth about $140,000 in a real-world stress test.
As an API-based payments layer, the x402 protocol allows direct settlement in USDT, USDC and other on-chain assets without fiat rails and paves the way for autonomous AI agents to execute transactions. Beyond $PING, the growing ecosystem includes Questflow (behind $SANTA), AurraCloud ($AURA), Meridian ($MRDN), PayAI ($PAYAI), Daydreams ($DREAMS), Gloria AI ($GLORIA) and Kite AI. With an x402 Foundation led by Coinbase and Cloudflare, adoption may accelerate, supporting both meme and infrastructure tokens under the protocol.
Bullish
Short-term, the x402 protocol’s successful real-world stress test and $PING’s 100× initial mint returns followed by an 8× surge in 24 hours signal strong market appetite, likely fueling further price gains as traders chase momentum. The protocol’s API payment model and direct USDT/USDC settlement enhance credibility and could draw new projects. Over the long term, the establishment of an x402 Foundation by Coinbase and Cloudflare and the protocol’s support for AI-driven transactions may sustain broader adoption and infrastructure growth. Nevertheless, meme token volatility remains high, and traders should approach with risk management.