Original | Odaily Planet Daily
Author | Wenser
Led by the Bome project initiated by crypto artist @Darkfarms1, the Solana ecosystem has ushered in a wave of crazy Meme craze. In less than a week, 33 popular pre-sale projects have raised a total of more than 796,000 SOL (approximately 149 million U.S. dollars), and today, when the encryption market is correcting and the prices of SOL and ecological tokens are cooling down, the popularity of the Memecoin project on the Base chain has quietly increased.
What sparked heated discussion in the market was a pair of Memecoin combinations, OVER and BACK. Users can trade market sentiment by purchasing OVER or BACK, which is equivalent to a real-time on-chain prediction market of panic/greed indicators. Therefore, it has become the first place for everyone to rush after entering the Base chain. Toward the Memecoin target.
DEXTools data shows that the prices of OVER and BACK have been soaring, with daily increases of more than 2000%. OVER has exceeded $0.023, and BACK has exceeded $0.019. However, just a few hours after the community carnival, OVER and BACK quickly dropped, erasing the gap. With an increase of 80% from the high point, the current OVER price has fallen back to around $0.004, and BACK has fallen back to around $0.003.
Headline projects are limited, and the FDV of most projects is less than US$10 million.
The rapid rise and fall of OVER and BACK also reflects the current status of the tokens in the BASE ecosystem.
Although the trading volume of many popular Memecoin projects on the Base chain has been relatively active recently, the FDV of most projects still remains below 10 million US dollars, and only a few projects have FDV exceeding 100 million US dollars, such as DEGEN, TOSHI, NORMIE, BREET, etc.
Based on the existing situation, the Memecoin project on the Base chain can be regarded as a representative of the "classical Memecoin" type:
-TOSHI, the image comes from Coinbase CEO Brain Amstrong’s beloved cat named after Satoshi Nakamoto;
-BRETT, inspired by Matt Fury's "Boys Club" comics, is a short-eared blue frog resembling Pepe;
-NORMIE, the image is a blue frog that looks like a middle-aged Pepe, wearing frame glasses and a beard, like a kind uncle.
It can be seen that these projects are still in the stage of "imitating existing successful cases". The originality of Meme images is relatively limited, and the overall narrative and community culture construction are still gradually being developed and improved.
In addition to the favorable factors such as low gas costs, being backed by the Coinbase ecosystem, and convenient and fast abstract account wallets, the active Memecoin ecosystem on the Base chain is also inseparable from the Farcaster social protocol and its application Warpcast, which has various Meme forms, such as DEGEN, FAR, SPAM, CAST and other projects, the active users brought by the low issuance threshold are the main force of the Memecoin ecology of the Base chain. However, whether the Memecoin craze can be sustained depends on the current market feedback of sharp rise and sudden decline. It still needs to be marked. Big question mark.
Are Art NFTs an Opportunity for Base Chain?
In addition to the Memecoin ecosystem, the NFT market of the Base chain has also attracted a lot of attention.
Recently, the well-known crypto artist @XCOPYART used the Manifold platform to release the Base chain Open Edition type digital art work "MUTATIO". Users can obtain the NFT after paying 0.00069 ETH, the Manifold platform service fee of US$2 and the Base chain Gas fee. This project has also brought some crypto art enthusiasts and NFT players to the Base chain to a certain extent. It may have a certain demonstration effect and drive more crypto artists to enter the Base chain ecology to issue related crypto art works. As of the time of publication, the total number of mints of this artistic work reached 253,779, and the total sales amount reached 1.751 ETH (approximately 567,000 US dollars).
Summary: It is still a high-risk PVP game
Therefore, overall, the memecoin ecosystem on Base is still not yet formed. The market value and number of active addresses of the leading projects are far from those of the Solana ecological Memecoin project. Therefore, the market capacity is small, and trading behavior can easily evolve into a "chain Play PVP games”. Compared with recent Solana ecological Memecoin projects such as BOME and SLERF, the Memecoin project of the Base chain has not yet formed a scale.
Odaily reminds users that MEME tokens are extremely risky, especially when liquidity is insufficient, so they must pay attention to asset security and participate with caution.
Attached is the Base chain asset cross-chain tool:
https://bridge.base.org/deposit
https://kyberswap.com/cross-chain