Crypto Traders Flock to Emerging Blockchain Amidst Viral Meme Coin Frenzy

Crypto traders are exploiting profit opportunities on the Base blockchain amid a recent surge in activity and funds locked due to a meme coin craze. Built by Coinbase, Base has witnessed a threefold increase in transactional activity, a doubling of unique addresses, and a rise in funds locked from $450 million to nearly $1 billion. The direct accessibility from Coinbase has fueled the frenzy, potentially making it the first network used by retail users.

Crypto Traders Flock to Base Blockchain Amid Meme Coin Frenzy

Cryptocurrency traders are exploiting the surge in activity and locked funds on the Base blockchain, a network developed by Coinbase on OP Stack. This frenzy is largely driven by the popularity of meme coins, which have proliferated on Base.

Network Metrics Surge

Base has witnessed a marked increase in transactional activity, unique addresses, and funds locked. According to blockchain scanners, daily transactions have tripled to over 1.5 million, while the number of unique addresses has doubled to 65,000. Moreover, funds locked on the network have nearly doubled, reaching approximately $1 billion as of Tuesday.

Coinbase Factor

Market observers attribute Base's rapid growth to its direct access from Coinbase's exchange and wallet applications. This accessibility could make Base the first network to attract significant retail users.

Meme Coin Rally

Meme coins have played a pivotal role in the recent surge on Base. Tokens such as toshi (TOSHI), thank you base god (TYBG), normie (NORMIE), and brett (BRETT) have soared by as much as 1,300% in the past week, collectively accounting for over $1 billion in trading volume.

Technical Projects Jump

Technical projects such as decentralized exchange Aerodrome's AERO and Seamless' SEAM have also benefited from the Base boom, with their tokens rising by as much as 90% in the past week. This has generated $1.8 million in fees for the network over the past 24 hours.

Gas Fee Surge

The popularity of meme coins on Base has led to high gas fees, surpassing pre-Dencun upgrade levels. Most of these transactions involve meme coin trading and the use of trading bots designed to purchase tokens immediately after issuance, contributing to network congestion and stalled transactions.

Sentiment Shift

Social sentiment on Base has turned bullish, with many traders advocating for a shift of capital to the relatively new network.

Conclusion

The Base blockchain is attracting significant attention from crypto traders due to a surge in activity fueled by meme coin mania. The network's direct connection to Coinbase and the rise of popular meme coins have contributed to its rapid growth and high transaction fees. As the meme coin frenzy continues, Base is positioned to remain a popular destination for cryptocurrency traders seeking profit opportunities.