Coinbase's Base Network Soars Amid Meme Coin Mania

Coinbase’s Base Network Soars Amid Meme Coin Mania

Updated: 02 April 2024

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Ethereum layer-two network Base reached a daily peak of $1.22 billion in trading volumes on March 30 amid a meme coin frenzy on the network.

Trading volumes have dropped in the new week to average $970 million on April 1, according to Dune, but the increased activity on the network is making it an attractive destination for meme coins.

gm@base transactions have gone parabolic pic.twitter.com/XeLcj1syfO

— Alex Svanevik 🐧 (@ASvanevik) April 1, 2024

Base has already locked in $1.47 billion worth of meme coins as its top two meme coins posted strong gains over the past week, according to CoinGecko.

Sam Baseman Fraud, a new meme coin created on Base shortly after the sentencing of Sam Bankman-Fried, pumped by 35,000% before crashing.

New Layer-Three Network Drives More Activity into Base

Degen Chain, a layer-three blockchain created atop the Base network, launched last week and is driving transaction activity on Base.

Within four days, the layer-three hit nearly $100 million in transaction volumes. Over 2,300 tokens, mostly meme coins, have already launched on the network.

Since its launch, it:

– on boarded >132k addresses
– had over 4.15m completed txs
– had 7.5k total contracts deployed (mostly rugs, only 290 verified)
– had over 2300 tokens launched (mostly rugs)

— Shual (@0xShual) March 31, 2024