The total value locked (TVL) in Coinbase’s Base network has doubled within just 25 days. It has escalated from $1 billion to a remarkable $2.13 billion. This rapid growth has caught the attention of the crypto community and has also sparked a conversation about the potential influence of meme coins on the network’s future.
Quick Take:
- Base’s TVL surged to $2.13 billion in less than a month.
- Crypto analysts believe that meme coins could spearhead a new wave of adoption on the Base network.
- USD Coin and Ether lead in value on the Base network but meme coins are gaining quickly.
- Coinbase is enhancing Base’s appeal by developing a native smart contract wallet.
The Base network is emerging as a new playground for meme coin enthusiasts. Moreover, industry experts speculate about a significant shift in the meme coin market. With meme coins like Degen (DEGEN) and Base God (TYBG) leading the charge on Base, there’s a buzz around the potential for these digital assets.
The journey of Base from $1 billion to $2 billion in TVL was completed in just 25 days. Since its inception in August, the platform took 226 days to reach $1 billion in TVL. This shows that the platform’s trajectory has been a testament to the rapidly evolving nature of the crypto landscape.
Based on L2 Beat’s data, this exponential growth illustrates the growing interest in Base. This interest was further hyped by the introduction of USD Coin and Ether tokens. These assets have played a pivotal role in network’s appeal, as they attract investors and users to the platform.
Could Meme Coins Become the Next Big Thing on the Base Network?
The conversation around meme coins has particularly intensified. Some industry pundits argue that these digital assets could drive the next wave of adoption on Base. The spotlight on meme coins is not new to the crypto scene as Solana experienced a similar surge in interest thanks to its memecoin season.
However, there is speculation about a potential shift in the meme coin market share as attention shifts to Base. Notable meme coins on Base, such as Degen and Base God, are creating a buzz. But their market caps are still quite low compared to giants like Dogecoin and Shiba Inu.
Meanwhile, Book of Memes (BOME) and Slerf (SLERF) have already reached a market cap of $2.7 billion since launching on Solana earlier this month. Normie (NORMIE), Briun Armstrung (BRIUN) and Brett (BRETT) are among the other Base meme coins that are attracting traders.
Coinbase’s strategic move to develop a native smart contract wallet for Base is seen as a game-changer. It promises to streamline the trading experience for its 100 million registered users. This innovation eliminates the need for seed phrases or private keys
Moreover, it is poised to make the network an even more attractive option for both seasoned traders and newcomers to the cryptocurrency world. With predictions of several billion-dollar meme coins emerging on Base, the platform is firmly in the spotlight.
