Base Network Experiences Memecoin Hype and Increased Activity

The Layer 2 network Base developed by the US-based crypto exchange Coinbase is experiencing high demand and interest with meme coins launched on the network. The activity on the network and the increase in TVL (Total Value Locked in the network) are among the factors that stand out for Base. Direct access to the network has made Base an attractive option for new users.

Big Price Increases in Memecoins

Among the cat-themed meme coins on Base, TOSHI, TYBG, NORMIE, and BRETT have experienced price increases of up to 1300% over the last 7 days. The cumulative trading volumes of these coins exceed $1 billion. According to CoinGecko data, tokens associated with projects like AERO and SEAM also saw increases of over 90%.

According to blockchain explorers, transaction activity on Base has tripled from 500,000 daily transactions to 1.5 million in recent months. Unique wallet addresses have also doubled to reach 65,000. These data indicate an increase in interest and participation in the network.

Trading Bots Creating Issues

The popularity of memecoins on Base and the high trading volume are causing network congestion and high transaction fees. The majority of trading bots focus on memecoin transactions, further exacerbating network congestion and transaction delays. The increased activity is seen as a reflection of the interest in memecoins and their impact on the network, and the need for scalable solutions to maintain network efficiency continues.