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fakhou.base.eth
@fakhou
How @base is becoming the go-to chain for memecoins @base, Coinbase’s Layer-2 blockchain launched in 2023, has quietly become a memecoin magnet. It now hosts over 7 million users and a vibrant meme-token ecosystem valued around $1.47 billion. Daily activity has exploded – peaking at 13 million transactions in a single day by early 2025 – outpacing many older chains. How did a new L2 achieve this? Let’s dive in 🧵👇
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fakhou.base.eth
@fakhou
What are memecoins? A brief history Memecoins are crypto tokens born from internet memes or pop culture – often launched as jokes but sometimes growing into serious market players. Dogecoin ($DOGE), created in 2013 as a parody, became the original memecoin, sparking a community and multi-billion market cap. Shiba inu ($SHIB) followed in 2020 as an @ethereum-based “DOGE killer,” riding viral hype. And in early 2023, Bonk ($BONK) – a @solana airdrop token – surged 2,000% in a week, briefly boosting @solana usage by ~35%. $BONK drove over 4 million transactions in 3 days on @solana. Memecoins thrive on virality, community fandom, and “degen” speculation – setting the stage for @base’s emergence.
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fakhou.base.eth
@fakhou
Base’s launch and early traction Base was unveiled by Coinbase in Feb 2023 and built using @optimism's OP Stack. It went live to the public in August 2023 during the “Onchain Summer” campaign, which onboarded over 2 million unique wallets and generated $5 million+ in NFT mints. Even before the official mainnet launch, memecoin fever hit Base: in late July 2023, a token called $BALD (a tongue-in-cheek jab at Coinbase’s CEO) rocketed to an ~$85 million market cap within 48 hours – only to crash over 85% when its deployer abruptly pulled $25 million liquidity. This notorious rug pull was @base’s first trial by fire, foreshadowing the wild memecoin culture to come.
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fakhou.base.eth
@fakhou
The memecoin frenzy of early 2024 After a modest start in late 2023, @base’s memecoin activity exploded in Q1 2024. Daily transactions jumped 3× from ~500k to ~1.5 million in late March, even hitting a then-record 2.38 million in one day. The number of active wallets doubled in weeks. . Total value locked (TVL) on Base surged from ~$450 M to nearly $1 billion during March. This frenzy was driven by a new wave of meme tokens on @base – often with silly or nostalgic themes – suddenly skyrocketing in price. For example, the cat-themed $TOSHI, the irreverent PEPE-based “Thank You @basegod” ($TYBG), $NORMIE, and $BRETT (more on these soon) all mooned hundreds of percent within days. Trading volumes for @base memecoins collectively crossed $1 billion in a week. The activity was so intense that @base raked in $1.8 million in fees in 24 hours at the peak – with network congestion despite low base fees. In short, early 2024 was @base’s “memecoin season,” firmly putting it on the map.
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