Increased Retail Interest in Blockchain Fueled by Coinbase Proximity, Boosting Native Base Token Activity and Growth
Crypto traders are seizing profit opportunities within the Base blockchain amidst a surge in interest driven by meme coin fervor for tokens issued on the platform, according to various metrics. Base, established by crypto giant Coinbase on the OP Stack, commenced operations for developers in August, initially experiencing subdued growth.
However, recent weeks have witnessed a notable shift, with locked funds on the network surging to nearly $1 billion on Tuesday from $450 million at the beginning of the month. Blockchain analytics reveal a threefold increase in daily transactional activity, exceeding 1.5 million transactions per day compared to an average of under 500,000 over the past few months. Additionally, the number of unique addresses has doubled to 65,000 wallets.
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Market analysts suggest that the direct accessibility of Base through Coinbase’s exchange and wallet applications could position it as the primary network for retail users, potentially igniting a frenzy.
Notably, prices of tokens such as cat-themed TOSHI, thank you base god TYBG, normie NORMIE, and Brett BRETT have surged by as much as 1,300% over the past week, collectively amassing over $1 billion in cumulative trading volumes. Tokens affiliated with technical projects, like decentralized exchange Aerodrome’s AERO and Seamless’ SEAM, have also witnessed substantial increases, rising by up to 90% in the past week according to data.
These developments have propelled the network to generate $1.8 million in fees within the last 24 hours. Concurrently, social sentiment surrounding Base has surged, with numerous traders advocating for a capital rotation towards this relatively new network. However, the soaring popularity of meme coins on Base has resulted in elevated gas fees, surpassing fees incurred by users prior to the Dencun upgrade, as highlighted by Optimism developer Michael Silberling.
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About the Author: Diana Ambolis
