Base Emerges as Potential Memecoin Hub, Threatening Solana's Dominance

Ethereum layer-2 network Base's total value locked (TVL) has surged to $2.13 billion in less than a month, sparking speculation that it could become a hub for memecoins. Some industry experts believe that memecoins could drive the next wave of adoption on Base, potentially challenging Solana's dominance in the memecoin market. Base's memecoins, such as Degen and Base God, have gained significant market caps, while others, like Normie and Briun Armstrung, are also attracting trader interest. Coinbase's involvement in Base and its plans to build a native smart contract wallet are seen as key factors in its growth potential.

Could Base Become a Memecoin Hotspot?

With its total value locked (TVL) doubling to $2.13 billion in less than a month, Base, an Ethereum layer-2 network, is rapidly gaining traction. Some experts believe it could become the next major hub for memecoins.

Memecoins Driving Base's Growth?

Industry observers suggest that memecoins could fuel Base's adoption, potentially capturing market share from Solana. Solana experienced a "memecoin season" that created numerous overnight millionaires, according to X user Dami-Defi. However, attention is now shifting towards Base.

Base's Growing Memecoin Ecosystem

Base has already witnessed the emergence of several memecoins, including Degen (DEGEN) and Base God (TYBG), which boast market caps of $143.4 million and $65.9 million, respectively. While these values pale in comparison to popular memecoins like Dogecoin and Shiba Inu, they indicate Base's growing memecoin ecosystem.

Solana's Memecoin Dominance Waning?

Solana's memecoin craze has been dominated by Dogwifhat (WIF), which has amassed a market cap of $2.7 billion since its December launch. However, Book of Memes (BOME) and Slerf (SLERF) have also gained significant traction on Solana.

Other Base Memecoins to Watch

Normie (NORMIE), Briun Armstrung (BRIUN), and Brett (BRETT) are among the other Base memecoins garnering attention from traders.

Coinbase's Influence on Base's Success

Andrew Forte, director of business development at Dappd, attributes Base's bullish outlook to its creator firm Coinbase's development of a native smart contract wallet. This wallet will enable Coinbase's 100 million registered users to trade on Base seamlessly, without the need for seed phrases or private keys.

Memecoins to Thrive on Coinbase's Platform

X user Wizard of SoHo predicts that Base will see the emergence of "several billion-dollar memecoins" that will benefit from easy listing on Coinbase and reach a broader audience.

Base's Transaction Volume Surges

Base recently hit a record 2 million transactions in a single day on March 16, following the Dencun upgrade on Ethereum. This surge highlights the network's growing popularity and potential to become a significant player in the blockchain ecosystem.