Achieving a secured value of $2 billion on Coinbase’s Base network was accomplished in 25 days, compared to 203 days to reach $1 billion.
Layer-2 Ethereum network In less than a month, Base’s total value locked (TVL) has increased twice, reaching $2.13 billion. Analysts speculate that the platform may emerge as the subsequent hub for meme coins.
TVL surpassed $1 billion in funding by Base on February 27, 226 days after its August inception. However, according to data from L2 Beat, the network surpassed the $2 billion mark on March 23, only 25 days later.
The thirty-day change in the total value secured on the Base chain. Ether (ETH) is the largest token by canonically bridged value at $798 million, whereas L2 Beat USD Coin (USDC) is the largest token by natively minted value at $600 million.
Certain industry analysts posit that meme coins may serve as the catalyst for the subsequent surge in Base adoption, displacing Solana in terms of market share among meme coins.
“Solana had a crazy #memecoin season [and] thousands of millionaires were made overnight,” X user Dami-Defi wrote to his 62,100 followers on March 24.
“But now attention is shifting to another chain – #BASE,” Dami-Defi continued.
Meme traders on Solana printed millions this season:$BOME: 800x │ $WIF: 1000x │ $SLERF: 300x$BASE season is just revving up, and might have a similar rally.
🧵List of memes on Base with 10-500x potential⭣ pic.twitter.com/wAs5hde0N9
— Xremlin (@0x_gremlin) March 21, 2024According to CoinGecko, Degen (DEGEN) and Base God (TYBG) are two of the most prominent Base memecoins in terms of market capitalization, with $143.4 million and $65.9 million, respectively.
However, these figures remain significantly lower than those of more recent popular memecoins like Dogecoin DOGE. Shiba Inu SHIB and The Solana memecoin frenzy has been led by Dogwifhat (WIF), which, according to CoinGecko, has amassed a market capitalization of $2.7 billion since its inception in early December.
In the interim, market capitalizations of $2.7 billion have been amassed by Book of Memes (BOME) and Slerf (SLERF) since their debuts on Solana earlier this month.
Traders have expressed interest in Normie (NORMIE), Briun Armstrong (BRIUN), and Brett (BRETT), among other Base meme coins. Andrew Forte, director of business development at blockchain solutions firm Dappd, is among the optimistic analysts about Base.
This is because Coinbase, the company that created Base, is constructing a native smart contract wallet. This wallet will enable Base’s 100 million registered users to conduct transactions without recalling seed phrases or private keys.
“Several billion-dollar memecoins will be listed on Coinbase with relative ease and reach all the normies,” X user Wizard of SoHo predicted to his 97,000 followers. They added, “Fading Base SZN” is a “bad” idea.
Recently, on March 16, Base recorded an unprecedented two million transactions in a single day after the Dencun upgrade on Ethereum.