Base Emerges as Crypto Whales' Playground, Sparking Memecoin Frenzy

Coinbase's Ethereum-adjacent blockchain, Base, officially launched to the public today, but crypto whales have been actively trading high-risk tokens on Base and other blockchains for days. According to Nansen, 22 prominent depositors on Base hold significant positions in tokens such as ARB, RLB, BALD, TOSHI, and various memecoins. These whales have bridged over 100 ETH each to Base, with some wallets dating back to 2017 and others created recently.

Base Emerges As a Crypto Whales' Playground, Unleashing a Wave of Memecoin Frenzy

Coinbase's nascent blockchain, Base, has officially opened its doors to the public, but savvy crypto whales had already been eagerly exploring its depths for days, amassing high-risk tokens on the new layer 2 network.

An in-depth analysis by Nansen reveals that 22 prominent depositors, beyond their substantial holdings of Ethereum, have accumulated significant positions in a diverse range of tokens on Base. Notable names include Arbitrum's governance token (ARB), casino token (RLB), and an array of memecoins such as BALD, TOSHI, PEPE, and the curiously named HarryPotterObamaSonic10Inu, which boasts the ticker BITCOIN despite being unrelated to the renowned cryptocurrency. Telegram trading bot token UNIBOT also ranks among the top tokens held by these whales.

Nansen's findings highlight the crypto-native tendencies of these early Base adopters, who have collectively bridged over 100 ETH (worth approximately $185,100) into the network since July 31st. This move indicates their willingness to interact directly with Base's smart contract through a one-way bridge. More casual users have opted to wait until today, when Base's frontend went live alongside an exit ramp that allows for bridging back to Ethereum.

A closer examination of the early Base whales reveals a surprising diversity of wallets. While one wallet was created in 2017, a large portion were fresh wallets established this year. These whales have also exhibited a keen interest in competing Ethereum scaling solutions such as Arbitrum, Optimism, zkSync Era, and Polygon zkEVM.

"There's a heavy memecoin bias in the selection of these whales," observes Nansen analyst Niklas Polk. "There wasn't much else to do on Base except piling into meme coins, so most of the whales in the report have a certain affinity for this."

A report by Nansen research analyst Jake Kennis underscores the Ethereum-centric leanings of the 22 early Base whales, who have primarily interacted with 1inch, Uniswap, Base, 0x, USDC, and Unibot. "Their interactions with established DEXs, L2 bridges, and the notable presence of Unibot demonstrate the adoption of Telegram bots and novel applications," Kennis writes.

However, Kennis believes that as Base matures and more applications come online, including DEXs and lending platforms, the ecosystem will likely evolve beyond its current memecoin focus. "We may see a more mature ecosystem that's not solely centered around memecoins," he stated in a Telegram message to CoinDesk.

The emergence of Base as a hotbed for crypto whales and their memecoin adventures serves as a testament to the evolving landscape of decentralized finance. As new layer 2 networks emerge, they are attracting a growing number of early adopters eager to explore the possibilities and potentially profit from the latest crypto trends.