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06/07/2024

Base memecoins have led the growth in the crypto market

06/07/2024
4,6

Meme-themed digital currencies on the Base platform experienced a significant surge, climbing 13% within 24 hours, making them the top performers in the cryptocurrency realm during this window, as highlighted by CoinGecko's data aggregation. This surge tops all other sectors for the week, presenting an impressive near 52% increase.

POV, the "Degen POV" token, leads the charge in propelling the ascent of Base's meme coin collection, with a stunning 84.5% jump in just 24 hours and an exponential surge of over 200% across the week. In addition, the platform's beloved blue cat, Brett (BRETT), saw a significant climb, nearing 28% in the same timeframe.

The meme coin Broge, known for its blue dinosaur mascot, has been on a steadily inclining trajectory since May's start and experienced a sharp 35% jump intraday. Meanwhile, CONDO showed resilience and promise of recovery with a noteworthy 18% rise after a dramatic fall on June 4th.

Other notable performers in the Base meme coin arena include Basenji (BENJI), Long (LONG), and Ski Mask Dog (SKI), which demonstrated robust growth of 18.7%, 11.7%, and 10.8%, respectively.

Broadly, the Base ecosystem is flourishing. Its total value locked (TVL) on the Coinbase layer-2 blockchain has hit a peak of $1.77 billion, with on-chain trade volume reaching nearly $12 billion in May.

Encouraging reports from Crypto Briefing hint at a "bright June" ahead, driven by the recent approval of Ethereum-based spot exchange-traded funds (ETFs) in the United States and anticipated interest rate cuts by central banks in Europe and the US.

James Davies, co-founder and CPO of Crypto Valley Exchange, is among the enthusiasts anticipating a vivid "meme coin summer." He draws parallels with the NFT boom of 2021, suggesting a potential shift of retail investment from other high-yield ventures during this period. Davies elaborated on the expected influx of retail funds, temporarily diverting from other lucrative projects.


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