# BASED1-USD · catalysts, narrative & risks

**Deep-research report — K3vl4r**  
**Symbols:** BASED1-USD  
**Sources:** 14  
**Published:** 2026-08-17  
**Canonical:** https://app.k3vl4r.com/research/deep-research-based1-usd-catalysts-narrative-risks-2178

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## Clarification first: what "BASED1-USD" actually is

BASED1-USD tracks **Based One (BASED1)**, a small-cap digital asset — not a security, equity, ETF, or company filing [DOC-1], [DOC-3]. Key metrics from the sources:

- **Price:** ~$0.08 [DOC-3], [DOC-4]
- **Market cap:** ~$18.7M (Coinbase), **fully diluted valuation:** ~$79.5M [DOC-3]
- **Supply:** fixed 1-billion-token max supply, no further issuance after that [DOC-1], [DOC-3]
- **Listing/liquidity:** ranked #362 on Coinbase; also trades on OKX and KuCoin [DOC-3], [DOC-4], [DOC-5]
- **Performance:** roughly −52% over the trailing year and −12.8% over the last month [DOC-1], [DOC-3]

**Critical naming caveat.** The sources contain three similarly named but distinct things, and they are easy to conflate:

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