The Base blockchain continues to grow – with two joke tokens making headlines this week.
Brett (BRETT), the biggest meme coin on Base, is up nearly 20% in the last 24 hours.
Hot on its heels, newcomer Base Dawgz (DAWGZ) is also making waves, having raised over $2 million since its ICO went live at the start of the month.
BRETT recovers – is this just the beginning?
BRETT is turning heads with its recent price action.
After a period of uncertainty, BRETT recovered, currently trading at $0.155.
Earlier today, the token reached $0.162 before retreating slightly, showing that it still has the potential to explode.
All this rally came after BRETT rejected the $0.130 support level.
However, despite this rejection, momentum appears to be slowing down – suggesting that initial enthusiasm may be waning.
Zooming out, BRETT is still stuck in a higher timeframe range.
The 4-hour chart also shows the token’s indecisiveness, with the price unable to decide whether it wants to stay above or below the 50-period exponential moving average (EMA).
Despite this decision, there is no denying the interest of traders.
Spot volumes have increased by 53% since yesterday, showing that traders are paying more attention to BRETT.
BRETT still surpassed Book of Meme (BOME) in the market capitalization ranking.
Why are investors flocking to basic meme coins?
It’s not just BRETT that’s shaking up the Base blockchain.
The whole Basic meme coin market is growing, with its total value rising 10% to more than $2 billion in the last day.
Trading volumes are also increasing – now at $140 million.
While BRETT, DEGEN and TOSHI continue to dominate the conversation, newcomers are quickly making their mark.
BENJI, for example, has been climbing the charts quickly, proving that there is always room for new players.
But what’s driving the meme coin craze on Base?
For starters, Base’s layer 2 architecture offers much lower transaction fees than Ethereum’s mainnet.
This makes it an attractive playground for developers and traders looking to capitalize on the demand for meme coins.
Add to this Base’s growing user base – now in more than 500,000 daily active users – and you have a recipe for viral growth.
The total basic value locked (TVL) also soared to US$1.5 billion.
These numbers show why Base has become a breeding ground for meme coins in 2024.
Could Base Dawgz Be the Next Big Meme Base Coin?
Alongside BRETT, another Base meme coin is making headlines this week.
Dawgz Base has just surpassed the $2 million mark in its ICO, demonstrating the huge interest from retail investors.
Importantly, the buzz around Dawgz Base is not just due to the success of its ICO.
Social media platforms are also buzzing with conversations about this meme coin, with the project Twitter page now with 4,000 followers.
Most of the excitement revolves around DAWGZ’s multi-chain capabilities.
Imagine buying DAWGZ tokens on Base, quickly transferring them to Ethereum to take advantage of a new DeFi opportunity, and then heading to Solana to trade.
This is what the Base Dawgz developers have in mind.
Adding to the buzz is the project’s Share-to-Earn protocol.
It’s turning meme creation into a profitable hobby, with community members earning points for creating and sharing DAWGZ-related content.
These points can later be exchanged for DAWGZ tokens – creating a self-fulfilling hype cycle.
Dawgz Base White paper also caught the attention of investors.
It outlines plans for DEX listings, marketing initiatives, and mysterious “community rewards.”
Ultimately, as the Base ecosystem grows, meme coins like Base Dawgz are perfectly positioned to benefit.
Whether DAWGZ will be the next BRETT is anyone’s guess – but it’s certainly ticking all the right boxes.