I think whale capital plays a huge role in making a chain good for token speculation. Until Base gets to stage 2 I do not think you’ll see a bunch of multi-B memecoins like there are on ETH and SOL.

But when it does, so much higher

building a crypto hedge fund | /comma, comma.org/, & /ic | in pursuit of more aliveness | prev: founding team @ Tally Health, investor @ L Catterton

Interesting thought thanks for sharing

The idea that ETH L1 is better for high-value actions/assets (like high value NFTs) is interesting

You could extend that argument x100 for a memecoin (since its market cap is /can be multiples of an NFT)

But likely matters less for individual holders

But I hadn’t thought about the whales
I guess you can think of the whales just like you’d think of the entire project ecosystem

You ultimately need large amounts of buy pressure to send a token into the billions, whales (ie people deploying 6-7 figs) make this happen

This ETH whale capital probably isn't comfortable keeping that much money on a centralized chain like most ethereum L2s

IMO this is why there are really high memecoins on ETH L1 (pepe, shib, mog) and the super high NFTs from last cycle, but you don't have anything like that on Base, despite Base being much better for trading in terms of UX and cost. 

Given the above assumptions, it also means that small capital sees less upside in those tokens because of this ceiling, making the entire chain "suppressed" for speculation.