In less than a month, Ethereum's layer 2 network Base has witnessed a significant surge in its total value locked (TVL), doubling to reach $2.13 billion. This substantial growth has caught the attention of commentators who suggest that Base could emerge as the next focal point point for memecoins.
Base achieved a TVL of $1 billion on February 27, approximately 226 days after its launch in August. Remarkably, within just 25 days, the network saw its TVL skyrocket to $2 billion by March 23, as reported by L2Beat. Among the assets contributing to this milestone, USDC stands out as the most valuable locally minted coin, valued at $600 million, while Ethereum itself commands a canonical bridge value of $798 million.
Industry experts speculate that memecoins could play a pivotal role in driving the next phase of adoption for Base, potentially diverting some memecoin market share away from Solana. Notably, Solana experienced a surge in memecoin activity, with many individuals becoming millionaires overnight. However, attention is now shifting towards Base, indicated by commentary from users like Dami-Defi, who shared insights with their 62,100 followers on March 24.
Among the memecoins gaining traction on Base, Degen (DEGEN) and Base God (TYBG) emerge as the largest, boasting market caps of $143.4 million and $65.9 million, respectively, according to CoinGecko data. While these figures are impressive, they still pale in comparison to the market capitalizations of other popular memecoins like Dogecoin and Shiba Inu. On Solana, the memecoin craze is epitomized by Dogwifhat (WIF), which has surged to a market capitalization of $2.7 billion since its launch in early December.
Additionally, recent additions to Solana's memecoin ecosystem, such as Book of Memes (BOME) and Slerf (SLERF), have quickly amassed market caps of $2.7 billion each since their launch earlier this month. Traders are also speculating about the potential of other Base memecoins like Normie (NORMIE), Briun Armstrung (BRIUN), and Brett (BRETT) to gain traction in the market.
