Potential Meme Coins on Base

Author: GeekTop; Source: Web3 News

All information in this article is for reference only and does not encourage you to buy meme coins!

Previously, we have discussed in this article what meme coins are, how risky it is to enter meme coins, and which meme coins on Solana will distribute drops.

Today, we will discuss Meme Coin’s new narrative blockchain, namely Meme Coin on Base, which, as the article states, has great potential to achieve maximum liquidity in the entire ecosystem, surpassing Solana.

Base Introduction

Base is a second-layer Ethereum solution that runs on Optimism and uses the OP Stack open source infrastructure. Currently, the project is being developed within the framework of the Coinbase cryptocurrency exchange, but in the next few years, it plans to transition to decentralized management. As of March 2024, the total value locked (TVL) in the platform’s smart contracts reached $130 billion.

Meanwhile, Base’s total TVL grew x8 ($730m => $5.8B) in just one month, creating a clear pull for the entire ecosystem (including meme coins). Notably, it took six months to break the $1 billion mark. Looking at Dune metrics, we can notice a staggering increase in bridge liquidity, number of users, protocol revenue, and transaction volume: The conclusion from this is that all the attention of the big players and funds has shifted to the Base blockchain, replacing Meme coin’s position on Solana.

Some points about base:

• Base is built on Ethereum. Users can easily transition to the network and claim rewards through Coinbase, Ethereum mainnet or other compatible blockchains.

• The project simplifies the process of creating decentralized applications, providing access to a broad network of Coinbase products, users and tools.

• The network maintains compatibility with the Ethereum Virtual Machine at a significantly reduced cost, with a focus on improving development. It features zero-cost transactions and a convenient bridge to develop multi-chain applications using a simple API for account abstraction and cross-chain functionality.

Why is Base's Meme Coin growing?

The sharp rise in TVL Base has already answered this question. But we will provide more facts.

According to CoinGecko, the total market cap of meme coins has increased by more than 300% and now stands at $1.6B+.

The growth leaders over the past 7 days are these tokens (buying is not encouraged):

Meanwhile, the meme coins on Solana still maintain their lead with a market cap of $7.2B. The leaders among them are the same meme coins on Solana that we discussed in the article.

According to Twitter influencer 0x_gremlin:

"We have recently witnessed a crazy rise in meme coins on Solana. Early savvy traders were able to make thousands or even millions of dollars. Now, attention is shifting to meme coins on Base, where a new rally could be on the horizon."

Meanwhile, the Coinbase cryptocurrency exchange is currently developing its own wallet on the Base blockchain, through which users will be able to trade on the L2 network without the need for mnemonics and private keys!

Base also won the Dencun upgrade, so Base's fees dropped to a few cents (> $0.01), which is attracting projects to launch meme coins on the Base network instead of spending a lot of money on fees.

Another reason for the meme trend on Base is the first meme coin, $BALD, which had a crazy growth of 230,000%, but the anonymous creator withdrew all liquidity from the meme coin and pulled the crowd.

This story in Base is also reflected in the TVL itself, which dropped from $40 million to $12 million.

However, now the blockchain is gaining momentum again and launching the meme season.

Let’s take a look at the most interesting meme coins on Base.

Brett

Brett — The coin with the highest market cap on this list: its market cap is just over $570 million as of April 22, 2024.

The coin is inspired by the character from the movie Matt Fury’s Boys Club.

The BRETT meme coin was released on February 27, 2024 and has a unique feature: its creators gave up ownership of the contract and abolished the minting function. This choice of token economics design completely transfers control to the community, preventing developers from issuing new tokens or changing the contract.

Since its existence, the token has shown 14,000% growth, equivalent to a 60x increase.

Meme Coin currently has a market cap of $678M and a TVL of $10M+:

Degen

Degen — $DEGEN is launched in early 2024 for use with Warpcast and other DApps created by Farcaster.

We discussed the Farcaster airdrop back in February 2024, and meme token decided to attach itself to this project.

Meme Coin has an active community that supports the future of SocialFi.

The token started trading at $0.0000008, and by March 25, 2024, it reached an all-time high (ATH) of $0.02007942, which means a massive price increase of 2,374,900% (more than 250,000 times).

Huobi, BingX, BitMart and other centralized exchanges have also listed $DEGEN.

Toshi

Toshi - A meme token named after Brian Armstrong's cat and the mysterious Satoshi Nakamoto.

Toshi ranks third in market capitalization among meme coins on Base (as of April 22, 2024).

As part of an ambitious roadmap, developers have pledged to implement a range of features to improve transaction efficiency, security, and community trust.

Among them:

• Multi-Sender — for batch transactions,

• Toshi Token Locker — for asset protection,

• Toshi Swap — for simplified token swaps,

• Token Launcher Launchpad — to stimulate new projects,

• Liquidity Lockers — to ensure market stability.

It is worth remembering that a common meme token wants to look like a unique product.

At its peak in mid-April 2024, the token was up 180,000%, equivalent to more than a 100x increase.

Meme Coin currently has a market cap of $187 million, and the protocol’s TVL totals just $5 million, which isn’t a very good metric for Meme Token.

Doginme

Doginme – was created after a Farcaster user asked decentralized protocol founder Dan Romero if he had a dog. Romero replied: “No, but I have a dog in my heart.”

Thus, the memecoin represents an original dog inside Romero.

The total token supply is 69 billion, and the project has no official team or roadmap.

Overall, the token is up 40-fold, more than 13,000%.

Mochi

Mochi – Another meme coin named after Coinbase CEO Brian Armstrong’s cat.

MOCHI developers emphasize fairness, equality, and inclusivity, ensuring that every participant’s voice shapes the project’s future.

The token was funded by Coinbase to help CEX achieve its mission of attracting 1 billion users to the Base Chain.

As of mid-April, the market capitalization (about $36 million) ranked the token sixth with a TVL of $1.2 million.

Mochi has grown over 19,000% in total, more than 60x:

BRIUN

BRIUN - the first deflationary meme coin on Base, entered the TOP-10 meme coins on Base due to the destruction of its coins.

The meme coin gained popularity due to Base’s CEO and his savvy marketing through memes on social networks.

The token has grown by over 15,000% and over 300x throughout its trading history.

As of this writing, the asset has a market cap of around $6 million and a TVL of around $381,000:

TYBG

TYBG - A meme coin on Base that symbolizes religious principles in the world.

By purchasing $TYBG or NFTs from the Base Gods collection, users become "Apostle V".

The project does not have a roadmap, but instead focuses on "shared mantras and values", the confirmation of which can be found in "Precept B".

The cumulative cumulative growth rate of Meme Coin is 180,000% (300x+).

The total capitalization of the token is about $16 million, and the TVL exceeds $600,000:

Conclusion

While meme coins on Base have become one of the main trends in 2024, it is worth understanding that investing in them is associated with high risks.

The price of meme coins depends mainly on how many people talk about them on the Internet. In addition, they are highly susceptible to price manipulation, and adding them to your portfolio is very risky.

Always remember to follow risk and money management, allocate only a small portion of your funds to more volatile tokens, and trade only with funds that you can afford to lose.