Base, an Ethereum layer-2 network, has experienced a significant increase in its total value locked (TVL) within a short period of time. The TVL has doubled to reach $2.13 billion in less than a month, leading some commentators to suggest that Base could become the next hub for memecoins.
On February 27, Base achieved a TVL of $1 billion, just 226 days after its launch in August. However, the network surpassed the $2 billion mark only 25 days later on March 23, according to data from L2 Beat.
The largest token on Base in terms of natively minted value is USD Coin (USDC), which amounts to $600 million. On the other hand, Ether (ETH) holds the title for the largest token by canonically bridged value, standing at $798 million.
Some experts in the industry believe that memecoins could drive the next wave of adoption on Base and potentially compete with Solana for a share of the memecoin market. One user, Dami-Defi, with 62,100 followers, stated on March 24 that Solana had experienced a frenzy with memecoins, creating overnight millionaires, but attention is now shifting towards Base.
Among the largest memecoins on Base are Degen (DEGEN) and Base God (TYBG), with market caps of $143.4 million and $65.9 million, respectively, according to CoinGecko. However, these figures are still significantly lower than more recent popular memecoins like Dogecoin (DOGE) and Shiba Inu (SHIB).
Solana’s memecoin craze has been dominated by Dogwifhat (WIF), which has achieved a market cap of $2.7 billion since its launch in early December. Additionally, Book of Memes (BOME) and Slerf (SLERF) have quickly amassed market caps of $2.7 billion since their launch on Solana earlier this month.
Traders are also speculating on other memecoins on Base such as Normie (NORMIE), Briun Armstrung (BRIUN), and Brett (BRETT).
Some pundits, like Andrew Forte, director of business development at Dappd, a blockchain solutions firm, are optimistic about Base due to Coinbase, its creator firm, building a native smart contract wallet. This wallet will enable Coinbase’s 100 million registered users to trade on Base without the need for seed phrases or private keys.
According to Wizard of SoHo, another user with 97,000 followers, there will be several billion-dollar memecoins on Base that will easily get listed on Coinbase and attract mainstream users. They warn against underestimating the potential of Base.
Recently, Base achieved a record of 2 million transactions in a single day on March 16, following the Dencun upgrade on Ethereum.
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