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Cryptocurrency News Articles
Base Network Soars with On-Chain Activity Surge
Apr 16, 2024 at 05:07 pm
In a remarkable display of growth, Coinbase's Layer-2 blockchain network, Base, has garnered significant traction with daily transactions consistently surpassing 1 million. This surge is attributed to Bitget Wallet's record-breaking transactions, the Dencun network upgrade, and the "meme fever" phenomenon. The Base blockchain's success is bolstered by increasing funding, developer activity, and attention from decentralized social media platforms. Experts predict continued growth for Base as it solidifies its position as one of Ethereum's most active and utilized Layer-2 solutions.
Base Network Surges Amidst Rising On-Chain Activity
Coinbase's Base, an emerging Layer-2 blockchain network, has experienced a remarkable surge in on-chain activity in recent weeks, propelled by a confluence of factors, including network upgrades, meme fever, and social media integrations.
Surge in Transaction Volume
Data analytics reveal a significant uptrend in Base's mainnet transaction volume, with daily transactions consistently surpassing the 1 million mark over the past month. On March 28th, daily transaction volumes soared to an all-time high of 3 million, driven by the network's Dencun upgrade and the emergence of a "meme fever" within the ecosystem.
Bitget Wallet's Role
Bitget Wallet, a leading Web3 storage solution, has emerged as a major contributor to Base's growth. During the first week of April, Bitget Wallet processed over 200,000 daily transactions, accounting for more than 10% of the Base chain's total transaction volume.
Alvin Kan, COO of Bitget Wallet, attributes the surge to various factors, including the Dencun upgrade, the rise in Base's total value locked (TVL), and the influx of meme coins.
Meme Fever and SocialFi
The launch of a meme coin by the founder of the popular NFT project mfers, coupled with the trading of other popular meme coins, fueled a "Meme Fever" event on March 30th, driving the Base chain DEX's transaction volume to an unprecedented $1.22 billion.
Additionally, the growing excitement around decentralized social media networks FriendTech and Farcaster, as well as the buzz surrounding Degen Token, have contributed to increased attention and capital inflow into the Base ecosystem.
MOEW's Impact
Bitget Wallet's launch of the meme coin MOEW on April 3rd further boosted on-chain activity. The coin, which airdropped a substantial amount of free tokens to BWB point holders, generated significant transaction volume and briefly topped the Base chain's interaction leaderboard.
Bullish Outlook
Analysts remain highly optimistic about the future of the Base Network. As one of Ethereum's most actively utilized Layer-2 solutions, Base boasts a thriving on-chain ecosystem, a growing user base, and substantial developer support. On April 8th, Base's TVL reached $4.15 billion, placing it among the top three Ethereum layer-2 solutions.
In March 2024, Base's 30-day transaction count surpassed that of Ethereum and its rival Arbitrum, underscoring the network's increasing popularity.
The Base Network is poised for continued growth and innovation, driven by its strong foundation, dedicated community, and the support of key industry players. As the Web3 ecosystem expands, Base is well-positioned to play a significant role in the future of blockchain technology.
Disclaimer:
This article is provided for informational purposes only and should not be considered financial advice. Readers are strongly advised to conduct their own research and consult with qualified financial professionals before making any investment decisions.
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- CET: The Native Token of the CoinEx Cryptocurrency Exchange
- Sep 25, 2024 at 10:30 am
- CET is the native token of one of the leading cryptocurrency exchanges, CoinEx. It is an ERC-20 token based on the Ethereum network that was launched in 2018.
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- Dogecoin ($DOGE) Primed to Hit $1 By December This Year, Market Analyst Master Kenobi Predicts
- Sep 25, 2024 at 10:25 am
- The early aftermath of the current Federal Reserve (Fed) interest rate cuts has been constructive for the final crypto business as main property like Dogecoin have been displaying optimistic sentiment.
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- IMX Token Price Prediction: Can It Break the $2 Resistance Level and Rally Higher?
- Sep 25, 2024 at 10:25 am
- Over the past 24 hours, IMX has jumped an impressive 12.14%, reaching a price of $1.81. This upswing has stirred speculation about whether the token can break through a key resistance level of $2.
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- There's no separate versus mode in this compilation. These arcade classics were designed with a primary mode where you feed quarters to try your luck against the CPU.
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- Bitcoin (BTC) Market Value to Realized Value (MVRV) Ratio Hints at an Upcoming Shift in Momentum
- Sep 25, 2024 at 10:15 am
- Ever since the United States announced its latest interest rate cut, Bitcoin [BTC] experienced a gradual rebound in price. The cryptocurrency surged to a peak of over $64,000 on the 23rd of September, gaining 8.5% in value over the last week.
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- Bitget Announces Price Prediction Contest Ahead of Hamster Kombat Coin Listing
- Sep 25, 2024 at 10:15 am
- The contest invites participants to predict the highest HMSTR coin price during its first 24 hours of trading. The winner of the contest will receive $100 in HMSTR tokens if their prediction is the closest to the actual price.
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- Solana (SOL) Poised for a Massive Upside Rally Targeting $165 After Its Consolidation Breakout
- Sep 25, 2024 at 10:15 am
- Solana (SOL), the fifth-biggest cryptocurrency by market cap appears bullish and poised for a massive upside rally following its consolidation breakout.
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- RCO Finance: The Under the Radar Cardano (ADA) Alternative
- Sep 25, 2024 at 10:15 am
- Amidst the uncertainty surrounding Cardano (ADA), RCO Finance presents the perfect opportunity for investors to hedge their investments and make significant returns.
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- EverValue Announces Upcoming Presale of Its EVA Token, Combining Bitcoin-Backed Stability with Innovative Features
- Sep 25, 2024 at 10:15 am
- Unlike traditional platforms, EverValue allows investors to maintain full control of their tokens, without relying on third-party storage solutions.