Doubling Base TVL in a Month: The Rise of Memecoins

Base, an Ethereum layer-2 network, has seen its total value locked (TVL) double in less than a month, reaching $2.13 billion. The network achieved $1 billion in TVL on February 27, just 226 days after its launch, and surpassed the $2 billion mark on March 23. USD Coin (USDC) is the largest token on Base in terms of natively minted value, while Ether (ETH) holds the title for largest token by canonically bridged value. Some experts predict that Base could become a major hub for memecoins, potentially competing with Solana in that market.

Industry pundits believe that Base could drive the next wave of memecoin adoption, potentially taking market share away from Solana. Solana experienced a craze in memecoins, with thousands of millionaires being made overnight. Attention seems to be shifting to Base, as users on social media platforms suggest. Currently, Degen (DEGEN) and Base God (TYBG) are among the largest memecoins on Base, but they still lag behind popular memecoins like Dogecoin (DOGE) and Shiba Inu (SHIB).

Solana’s memecoin craze has been led by Dogwifhat (WIF), which has reached a market cap of $2.7 billion since its launch in December. Book of Memes (BOME) and Slerf (SLERF) have gained market caps of $2.7 billion since their recent launch. Traders are also speculating on other Base memecoins, including Normie (NORMIE), Briun Armstrung (BRIUN), and Brett (BRETT).

Another reason for optimism about Base is the fact that its creator firm Coinbase is developing a native smart contract wallet. This wallet will allow Coinbase’s 100 million registered users to trade on Base without the need for seed phrases or private keys. This development is expected to attract more users and potentially lead to the listing of billion-dollar memecoins on Base.

Base recently set a record of 2 million transactions in a single day on March 16, following the Dencun upgrade on the Ethereum network. The doubling of TVL on Base and the growing interest in memecoins on the platform suggest that it could become a significant player in the memecoin market, potentially rivaling Solana.