New York, March 26, 2024 - The Base blockchain, developed by Coinbase, has witnessed a significant increase in activity and funds locked due to a meme coin-led frenzy.
According to data from DefiLlama, funds locked on Base have surged to nearly $1 billion, up from $450 million at the beginning of March. Transactional activity has also tripled to over 1.5 million per day, while the number of unique addresses has doubled to 65,000.
The popularity of meme coins on Base, such as toshi (TOSHI), thank you base god (TYBG), normie (NORMIE), and brett (BRETT), has fueled the surge in activity. Prices of these tokens have risen as much as 1,300% over the past week, generating over $1.8 million in fees for the network.
Analysts attribute the growth in Base's popularity to its direct access from Coinbase's exchange and wallet applications, making it potentially the first network used by new retail users.
However, the influx of meme coin trading has also led to high gas fees and network congestion. Optimism developer Michael Silberling noted that most of the transactions were from meme coin trading and trading bots, contributing to stuck transactions last week.
Despite the challenges, the surge in activity on Base highlights the growing interest in meme coins and the potential for the Base blockchain to attract new users to the crypto ecosystem.
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