Base chain memecoins surge: Is Solana’s dominance under threat?

Base was catching up to Solana in the memecoin market cap amid new launches.
Base’s TVL nears $1.5 billion, lagging behind Solana’s $4.16 billion TVL.

As a crypto investor with some experience in the memecoin market, I find the current trend of Base outperforming Solana amidst the memecoin mania quite intriguing. Although Solana has been the talk of the town due to its new launches and popular memecoins, Base seems to be gaining momentum with several of its memecoins recovering well after a market correction.

In the cryptocurrency world’s current trend of meme coins, Ethereum‘s [ETH] layer 2 solution, Base, has attracted significant interest. This project, nurtured by Coinbase, is gaining prominence.

Base vs. Solana

Despite the recent surge of memecoins making headlines on the Solana [SOL] blockchain, including Mother Iggy (MOTHER), Daddy Tate (TATE), and politically-themed tokens like Joe Boden (BODEN) and Doland Tremp (TREMP], it is Base that has been leading the charge in this memecoin craze.

As a market analyst, I’ve noticed an uptick in the recovery of certain memecoins on Base following a recent correction. Among them are Brett (BRETT), Degen (DEGEN), Basenji (BENJI), and Higher (HIGHER). These coins have shown promising signs of bouncing back.

Based on CoinGecko’s data, the market capitalization of Solana’s memecoin is currently at $6.49 billion, representing a 7.8% decrease from the previous day. On the other hand, the market capitalization of Base memecoin grew by 7.8% to reach $2.14 billion within the same timeframe.

Remarking on the same, Degen News noted,

BRETT vs. BONK analysis

As a researcher studying memecoin trends, I delved into the market movements of two specific coins from Solana and Binance Smart Chain: BRETT and BONK. At the moment of analysis, BRETT was priced at $0.1491, representing a substantial 17.3% surge.

The RSI reading higher than the neutral mark added evidence to the market’s robust upward trend, reflecting substantial purchasing activity.

In contrast, BONK was priced at $0.00002137, marking a slight gain of 3.4%. Yet, the Relative Strength Index (RSI) showed a value significantly lower than the neutral threshold, signaling robust selling activity.

The story doesn’t end here

According to AMBCrypto’s examination of Santiment information, Brett’s social influence waned over the previous 24 hours without a discernible trend for Bonk’s social influence, which stayed consistent.

Supporting the rising prominence of Base, DeFiLlama’s data revealed that its total value locked (TVL) was nearing an record high. Currently, its TVL stood at $1.5 billion, marking a substantial increase from $391 million reported on 31st January.

However, Base still lags behind Solana, which boasts a TVL of $4.16 billion.

As a crypto investor, I’ve noticed that Base has demonstrated impressive tenacity. However, when compared to the Solana network, it still lags behind in terms of growth and development.

2024-06-19 22:15

Base vs. Solana

BRETT vs. BONK analysis

The story doesn’t end here

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