In an analysis shared with his nearly 100,000 followers on X (formerly Twitter), the crypto analyst known by the pseudonym Xremlin (@0x_gremlin) identified Base as the flourishing hub for memecoin enthusiasts and investors. This proclamation follows an unprecedented earnings season in the Solana memecoin market, with tokens such as BOME, WIF, and SLERF achieving returns ranging from 300x to 1000x.
Xremlin’s view on crypto market dynamics suggests a potential replication of these astronomical returns on Base, underscored by a tweet stating: “Meme traders on Solana have printed millions this season: GOOD: 800x, WIF: 1000x, SLERF: 300x. The BASE season is just accelerating and could see a similar rally.”
Meme traders on Solana printed millions this season:$BOME: 800x │ $WIF: 1000x │ $SLERF: 300x$BASE the season is just accelerating and could see a similar recovery.
🧵List of memes on Base with 10-500x potential⭣ pic.twitter.com/wAs5hde0N9
-Xremlin (@0x_gremlin) March 21, 2024
The transition from focus to Base is attributed by the analyst to its association with Coinbase and the upcoming launch of a product that aims to simplify trading on the network. Xremlin elaborates: “Why Base? Coinbase has a large user base in the US, but trading on the network can be too complex for normal users. Coinbase will soon launch a product that will allow its CEX users (over 100 million) to trade on Base without the need for seed phrases or private keys.”
This move is anticipated to significantly lower barriers to entry for new investors, potentially catalyzing a memecoin recovery on the Base platform.
However, amid the excitement, Xremlin issues a word of caution to his followers: “Remember: investing in memes is high risk. Bet only what you can afford to lose. Projects can suddenly fail, slow down, or sink by 50% to 70% when enthusiasm disappears. This cautionary advice reflects the inherent volatility and risk associated with investing in memecoins, where the line between significant gains and losses can be remarkably blurry.
Diving into the base’s top cryptographic memecoins
Xremlin’s curated list of Base memecoins is not only varied but also rich in potential, highlighting projects inspired by cultural references, pets of notable figures, and even caricatures of industry leaders. Here’s a closer look at the analyst’s picks:
- TOSHI: Presented as a tribute to Brian Armstrong’s cat, named after the enigmatic Satoshi Nakamoto, TOSHI represents a fun investment opportunity. Xremlin notes: “TOSHI could be the flagship memecoin of Base, capitalizing on the crypto community’s reverence for Nakamoto and Armstrong’s influence.”
- DEGEN: With its strategic distribution to Farcaster users, DEGEN taps into a community already engaged and familiar with crypto, setting a precedent for community-driven value.
- DOGINME: This memecoin capitalizes on the popular phrase “I’ve got that dog in me,” embodying the resilience and tenacity celebrated in crypto trading circles.
- MOCHI and PONCHO: Both cat-themed coins seek to attract the attention of cat lovers, just as dog-themed memecoins such as Dogecoin, Shiba Inu and FLOKI attract the attention of dog lovers. MOCHI is based on Brian Armstrong’s pet.
- TIBG: Self-described as “The most Base-based meme,” it signifies the meme metaculture within the crypto space, where self-referential humor often garners substantial community support.
- BRUNO: A direct caricature of Coinbase CEO Brian Armstrong, BRIUN embodies the intersection of meme culture and crypto leadership, underlining the community’s penchant for satire.
- ELONRWA: Inspired by a sketch by Elon Musk, this project aims to bridge the gap between digital tokens and real-world assets, representing the innovative and often speculative nature of memecoin investments.
Xremlin further emphasizes the importance of community and research in navigating the memecoin market: “For those interested in researching Base memes, I recommend joining the /base channel on Warpcaster. Community insight is invaluable and collective due diligence can help mitigate the risks associated with memecoin investments.”
At press time, TOSHI traded at $0.000321653, up 210% over the past three weeks.
Featured image from Shutterstock, chart from TradingView.com
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