Memecoins
Rise of Base Chain Memecoins: Is Solana’s Dominance in Danger?
- Base was catching Solana in memecoin market cap among new launches.
- Base TVL is approaching $1.5 billion, lagging behind Solana’s $4.16 billion.
Amid the ongoing memecoin frenzy in the cryptocurrency sphere, one player that has attracted a lot of attention is the Ethereum [ETH] Level 2 blockchain, Basic, incubated by Coinbase.
Base against Solana
In fact, despite the launch of so many attention-grabbing memecoins Solana [SOL] lately, like Mother Iggy (MOTHER), Daddy Tate (TATE), and politically themed tokens like Joe Boden (BODEN) and Doland Tremp (TREMP), Base appears to be outperforming Solana in the memecoin craze.
Following a market correction, several memecoins on Base are starting to recover. This includes Brett (BRETT), Degen (Base) DEGEN, Basenji (BENJI), Higher (HIGHER) and many others.
Second CoinGecko, Solana’s memecoin market capitalization stands at $6.49 billion today, reflecting a decline of 7.8% over the past 24 hours. In contrast, the Base memecoin market capitalization was $2.14 billion, showing an increase of 7.8% over the same period.
Observing the same, Degen News noted,
Source: Degen News/X
BRETT vs. analysis BONK
To better understand this trend, AMBCrypto compared the market movements of two memecoins from both Solana and Base: BRETT and BONK. BRETT was found to be trading at $0.1491, showing a significant increase of 17.3% at the time of writing this article.
This bullish momentum was further confirmed by the Relative Strength Index (RSI), which was above the neutral level, indicating strong buying pressure.
Source: TradingView
BONK instead traded at $0.00002137, after a modest increase of 3.4%. However, the RSI was well below the neutral level, indicating strong selling pressure.
Source: TradingView
The story doesn’t end here
AMBCrypto’s analysis of Santiment data revealed that BRETT’s social dominance decreased over the past 24 hours, while BONK’s social dominance remained stable, showing no clear signs of increasing or decreasing.
Source: Santimento
Further support for the emerging domain of Base, DeFiLlama data indicated that its total value locked (TVL) was approaching an all-time high. As of this writing, its TVL was $1.5 billion, a significant increase from $391 million on January 31.
However, Base still lags behind Solana, which boasts a TVL of $4.16 billion.
In conclusion, although Base has shown remarkable resilience, it still lags behind the Solana network.