Ethereum

Degen

Solana

Base

Ethereum layer-2 network Base has doubled its total value locked to $2.13 billion in under a month thanks to the ongoing meme coin frenzy.
The milestone was reached swiftly, with <a href="https://crypto.news/tag/base/" data-type="link" data-id="https://crypto.news/tag/base/" rel="noopener noreferrer nofollow">Base</a> surpassing the $1 billion total value locked (TVL) mark on Feb. 27, 226 days after its <a href="https://crypto.news/what-is-base-unpacking-coinbases-new-layer-2-network-and-its-impact/" rel="noopener noreferrer nofollow">launch</a> in August, and crossing the $2 billion threshold just 25 days later.
Data from <a href="https://defillama.com/chain/Base?volume=true" target="_blank" rel="noopener noreferrer nofollow">DefiLlama</a> indicate that the rapid accumulation of TVL is a testament to the network’s growing popularity and adoption within the crypto community.
The surge in Base’s TVL is believed to be significantly influenced by the rise of meme coins on its platform, mirroring a recent trend that has benefited the Solana (<a href="https://crypto.news/price/solana/" rel="noopener noreferrer nofollow">SOL</a>) network. <a href="https://crypto.news/tag/meme-coin/" data-type="link" data-id="https://crypto.news/tag/meme-coin/" rel="noopener noreferrer nofollow">Meme coins</a>, digital assets that often start as internet jokes but can amass substantial market capitalization, are speculated to be a driving force behind the adoption and growth of the <a href="https://crypto.news/price/base/" data-type="link" data-id="https://crypto.news/price/base/" rel="noopener noreferrer nofollow">Base</a> network.
Some community members observe a potential shift in interest from Solana to Base, particularly in the context of meme coin trading activities.
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 Solana degens shifting to Base? <a href="https://t.co/mkR3L3ry4k" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/mkR3L3ry4k</a>— Crypto Banter (@crypto_banter) <a href="https://twitter.com/crypto_banter/status/1771650239696343316?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">March 23, 2024</a>
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You might also like: <a href="https://crypto.news/solana-meme-token-dogwifhat/" rel="noopener noreferrer nofollow"> New Solana meme token sees 1,200% surge following Dogwifhat performance </a>
Solana’s meme coin frenzy was highlighted by coins such as Dogwifhat (<a href="https://crypto.news/price/dogwifhat/" data-type="link" data-id="https://crypto.news/price/dogwifhat/" rel="noopener noreferrer nofollow">WIF</a>), which reached an all-time high market cap of $2.84 billion. Similarly, Book of Meme (<a href="https://crypto.news/price/book-of-meme/" data-type="link" data-id="https://crypto.news/price/book-of-meme/" rel="noopener noreferrer nofollow">BOME</a>) and Slerf (<a href="https://crypto.news/price/slerf/" data-type="link" data-id="https://crypto.news/price/slerf/" rel="noopener noreferrer nofollow">SLERF</a>) achieved significant market caps shortly after their launch on Solana.
On the Base network, meme coins like Degen (<a href="https://www.dextools.io/app/en/base/pair-explorer/0xc9034c3e7f58003e6ae0c8438e7c8f4598d5acaa?t=1711383179355" data-type="link" data-id="https://www.dextools.io/app/en/base/pair-explorer/0xc9034c3e7f58003e6ae0c8438e7c8f4598d5acaa?t=1711383179355" target="_blank" rel="noopener noreferrer nofollow">DEGEN</a>), Normie (<a href="https://www.dextools.io/app/en/base/pair-explorer/0x24605e0bb933f6ec96e6bbbcea0be8cc880f6e6f?t=1711383179355" data-type="link" data-id="https://www.dextools.io/app/en/base/pair-explorer/0x24605e0bb933f6ec96e6bbbcea0be8cc880f6e6f?t=1711383179355" target="_blank" rel="noopener noreferrer nofollow">NORMIE</a>), Chad (<a href="https://www.dextools.io/app/en/base/pair-explorer/0xae8d5b91fca627410a3bef77f55fcfe208409a40?t=1711383179355" data-type="link" data-id="https://www.dextools.io/app/en/base/pair-explorer/0xae8d5b91fca627410a3bef77f55fcfe208409a40?t=1711383179355" target="_blank" rel="noopener noreferrer nofollow">CHAD</a>), and Brett (<a href="https://www.dextools.io/app/en/base/pair-explorer/0xba3f945812a83471d709bce9c3ca699a19fb46f7?t=1711383179355" data-type="link" data-id="https://www.dextools.io/app/en/base/pair-explorer/0xba3f945812a83471d709bce9c3ca699a19fb46f7?t=1711383179355" target="_blank" rel="noopener noreferrer nofollow">BRETT</a>) are gaining traction, though market caps have not yet reached the heights of Solana’s meme coins.
Adding to the network’s appeal, <a href="https://crypto.news/tag/coinbase/" data-type="link" data-id="https://crypto.news/tag/coinbase/" rel="noopener noreferrer nofollow">Coinbase</a>, the crypto exchange behind Base, is developing a native <a href="https://crypto.news/tag/smart-contract/" data-type="link" data-id="https://crypto.news/tag/smart-contract/" rel="noopener noreferrer nofollow">smart contract</a> wallet. The wallet aims to simplify the trading experience for Coinbase’s 100 million registered users by eliminating the need to memorize seed phrases or private keys, thereby potentially accelerating the adoption and use of the Base network.
Read more: <a href="https://crypto.news/base-transaction-volume-dencun/" rel="noopener noreferrer nofollow"> Base’s transaction volume skyrockets after Dencun update </a>

Base TVL surpasses $2b driven by meme coin popularity, Dencun upgrade

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