Memecoins are making a move from Solana to Base: $64.1 billion market cap

Since the latest Dencun update on the Ethereum network, Base has grown in popularity, with over 100 million users engaging on the network without Coinbase’s CEX. Coinbase announced Base, their Layer-2 scaling solution for Ethereum, in 2023.

Base has been the preferred platform for meme currency transactions due to its user-friendly development environment for the Ethereum chain and significant scalability. Coinbase’s platform effortlessly allows users to generate new tokens and provides a diverse range of buyers and massive volume. According to blockchain gathering service Dexscreener, 15 of 20 coins have shown significant transaction volume on Base. However, over the last 24 hours, Base has taken off, and memecoins have seen a 7.1% increase in their market capitalization. 

With a 24-hour trading volume of $9,406,382,15, Base memecoins such as BRETT, TOSHI, DEGEN, and Mochi are the top 5 performing memecoins. Compared to Solana-based memecoins, there has been a 358.3% rise in Base-based memecoins, with the total market cap coming to $1,018,855,557 as of March 26. Memecoin BROGE, based on Base, has shown a 332.2% rise in its value in the last 24 hours. Degenerate traders are reportedly huddling up at Base as the memecoins keep gaining popularity.

Despite Solana’s impressive 450% surge over the past year, which surpassed Ethereum’s 82% gain, the release of several racist tokens by traders triggered this sudden collapse. This tragic occurrence led many individuals to transition from Solana to Base. After the 2022 FTX catastrophe, Solana made efforts to position itself as a leading network for DeFi protocols, earning the nickname ‘DeFi star.’ However, its progress has hit an impasse. There are concerns regarding Solana’s ability to recover from this setback. On the other hand, this has proven to be highly lucrative for Base, as the network’s fees have predominantly increased.

As of March 19, Base founder Jesse Pollak reported an enormous increase in revenues as traders paid $1.67 million to the network, a 700% gain from the day before. However, one cannot simply state Solana’s crash as the stand-alone reason for the success of Base, as many Layer 2 transaction costs soared with the Dencun upgrade’s debut on March 3. However, Base is taking steps to alleviate rising costs by establishing plans to triple the network’s gas objective while testing parallel pathing work to help the firm meet its medium-term gas goal.