Ethereum

Base

Rise

BASE

Coin

<div class="watcher-guru"> 
 <p>Coinbase’s Base was publicly launched a few hours ago. The L2 blockchain is the first of its kind to be launched by a publicly traded company. For Coinbase, it is a new revenue opportunity. The company will earn user fees from running its own blockchain. Parallelly, the apps built on top of Base will open another stream of revenue for Coinbase. A recent <a rel="noopener noreferrer nofollow" title="Category Analysis" href="https://thebittimes.com/analysis.html">Analysis</a> report by Nansen highlighted that many newly created whale wallets are invested “heavily” in meme coins across Base and Ethereum. With respect to the number of new wallets identified, the report highlighted,</p> 
 <p><strong>“22 ‘Early BASE Whales’ identified, mostly new “fresh” wallets created in 2023, heavily allocated to Ethereum and L2s.”</strong></p> 
 <figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
  <div class="wp-block-embed__wrapper"> 
   <blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
    <p lang="en" dir="ltr">The wallets were predominantly interacting with known DEXs, L2 bridges, and Unibot stands out. Their on-chain behavior has not changed much over the past 1-3 months</p> 
    <div class="quads-location quads-ad33739 " id="quads-ad33739" style="float:none;margin:0px 3px 3px 3px;padding:0px 0px 0px 0px;"> 
     <div class="publift-ad add"> 
      <div data-fuse="22560828227"></div> 
     </div> 
    </div> — Nansen 🧭 (@nansen_ai) August 9, 2023 
   </blockquote> 
  </div> 
 </figure> 
 <h3 class="wp-block-heading" id="h-meme-coin-inclination">Meme Coin Inclination</h3> 
 <p>According to Nansen, the wallets were predominantly interacting with “known” DEXs, and L2 bridges, including 1inch, Uniswap, Base, 0x, USDC, and Unibot. Nansen research analyst Jake Kennis highlighted that whales’ ”interactions with well-established DEXs, L2 bridges, and especially the noticeable presence of Unibot, show the adoption of Telegram bots and new applications.”</p> 
 <div class="quads-location quads-ad15192 " id="quads-ad15192" style="float:none;margin:0px 3px 3px 3px;padding:0px 0px 0px 0px;"> 
  <div id="primisContainer" class="add"></div> 
 </div> 
 <p>The <a rel="noopener noreferrer nofollow" title="Category Analysis" href="https://thebittimes.com/analysis.html">Analysis</a> pointed out that the on-chain behavior of these wallets has not changed much over the past 1-3 months. Even before the Base mainnet went live for the public, significant meme coin-related activity had been taking place. As analyzed in a recent article, traders had been scooping out tokens like BALD, COIN, and BASED on the network via <a rel="noopener noreferrer nofollow" title="DEXes" href="https://thebittimes.com/tag/dexes.html">DEXes</a>.</p> 
 <p>Currently, Base Whales holds Ethereum. They have also diverted funds towards Arbitrum’s native ARB token and casino token, RLB. Memecoins like BALD, TOSHI, and PEPE continue to be transacted. In fact, another meme coin, HarryPotterObamaSonic10Inu with the ticker BITCOIN [not to be confused with the original BTC] also managed to find appeal among <a rel="noopener noreferrer nofollow" title="WHALES" href="https://thebittimes.com/tag/whales.html">WHALES</a>.</p> 
 <p>Nansen noted that these 22 <a rel="noopener noreferrer nofollow" title="WHALES" href="https://thebittimes.com/tag/whales.html">WHALES</a> have crypto-native tendencies. All of them have bridged over 100 ETH [worth $185,100] since July 31, when Base was open to users to interact directly with its smart contract via a one-way bridge. However, the other set of users waited until the launch day to interact with Base.</p> 
 <p><strong>Also Read: Coinbase’s Base Welcomes Meme Coin Season: Assets Rise Upto 7-Million%</strong></p> 
 <ol></ol> 
 <div class="quads-location quads-ad33742 " id="quads-ad33742" style="float:none;margin:0px 3px 3px 3px;padding:0px 0px 0px 0px;"> 
  <div class="publift-ad add"> 
   <div data-fuse="22560828233"></div> 
  </div> 
 </div> 
</div> 
<div class="cs-entry__tags"> 
 <ul> 
  <li>coinbase base</li> 
  <li>DEXes</li> 
  <li>WHALES</li> 
 </ul> 
</div>

Coinbase: 'Fresh' Whale Wallets Created in 2023 Drive Activity on Base

Table of Contents

TheBitTimes

Other articles published on Aug 10, 2023

Shiba Inu’s Impact on Dogecoin Explored: Insights from Market Analyst

Cardano (ADA) Price Analysis for August 10

Crypto wallet seeds crackable with gaming PC via this security flaw

Analysts Identify Bitcoin Whales to be Behind the Recent Rally

Arkansas Committees Meet Over Crypto-Mining Protections; Senator’s Proposal to Repeal Voted Down

AI-Generated Avatars Raise Crypto Exchange Identity Concerns

Join our free newsletter for daily crypto updates!