TL;DR
- The Base blockchain, developed by Coinbase, has seen a significant surge in activity and locked funds due to a frenzy led by meme coins. This has resulted in high gas fees and network congestion, with trading bots exacerbating the issue.
- Daily transactional activity on the Base blockchain has tripled to over 1.5 million, and the count of distinct addresses has doubled, reaching 65,000 wallets. Locked funds on the network soared to nearly $1 billion, up from $450 million at the start of the month.
- Tokens like Toshi (TOSHI), Thank You Base God (TYBG), Normie (NORMIE), and Brett (BRETT) have seen their values soar up to 1,300% in the previous week, with total trading volumes surpassing $1 billion. However, the popularity of these meme coins has led to high gas fees and network congestion.
Crypto traders are flocking to the Base blockchain, a platform developed by Coinbase on OP Stack, which has seen a significant surge in activity and locked funds due to a frenzy led by meme coins. The Base blockchain has experienced a substantial increase in transactional activity, unique addresses, and locked funds.
The meme coin craze on Base has resulted in high gas fees and network congestion, with trading bots exacerbating the issue. Launched for developers in August, Base initially experienced muted growth. However, the past few weeks have seen a dramatic change, with locked funds on the network soaring to nearly $1 billion on Tuesday, up from $450 million at the start of the month.
Blockchain scanners indicate that daily transactional activity has tripled to over 1.5 million, up from an average of under 500,000 in previous months. The count of distinct addresses has seen a twofold increase, reaching 65,000 wallets. Analysts in the market propose that the ability to directly access Base via Coinbase’s exchange and wallet apps might position it as the initial network that retail users gravitate towards, possibly sparking a surge.
The Rise of Technical Project Tokens on the BASE Blockchain
Tokens like the feline-inspired Toshi (TOSHI), Thank You Base God (TYBG), Normie (NORMIE), and Brett (BRETT) have witnessed their values soar up to 1,300% in the previous week, with total trading volumes surpassing $1 billion.
Technical project tokens like Aerodrome’s AERO and Seamless’ SEAM have also seen a surge, with prices rising by as much as 90% in the past week. This surge in transactions has resulted in network fees amounting to $1.8 million in the last 24 hours. Social sentiment has risen in tandem, with numerous traders advocating for a capital rotation to the relatively new network.
However, the immense popularity of meme coins on Base has led to high gas fees, surpassing those paid by users before the Dencun upgrade. The majority of transactions stem from meme coin trading and trading bots programmed to purchase tokens within minutes of issuance, contributing to last week’s network congestion and stuck transactions.
