Last month, an unprecedented meme craze erupted on the Solana blockchain. Many projects, artists, and even KOLs (Key Opinion Leaders) have participated in the Solana ecosystem by issuing meme tokens. However, this phenomenon quickly shifted to the Base ecosystem as the prices of meme coins on Solana collapsed. The current round of meme coins on the Base ecosystem presents differences compared to the previous meme frenzy on Solana.
Recently, with the continuous prosperity of the Base ecosystem, the speculation frenzy of “meme hot money” is gradually spreading to ecosystems like Zora and Degen, known as the “Coinbase series”. On the Base social platform Warpcast, meme tokens from Zora and Degen Chain have become hot targets for speculation.
According to official sources, on March 28th, the Meme project Degen within the Base ecosystem announced the launch of a low-cost Layer 3 blockchain called Degen Chain. This network is built using Arbitrum Orbit and AnyTrust DA technology, with settlement based on Base. The native gas token of Degen Chain is DEGEN. Syndicate has become a Layer 3 infrastructure partner of Degen Chain. With this news, the price of DEGEN surged by 37% within 24 hours, reaching a price of 0.02035 USD, once again hitting a historical high.
In the following days, DEGEN continued to rise. On April 1st, DEGEN briefly surpassed 0.06 USD, achieving a threefold increase compared to a week ago. This was followed by a frenzy of speculation surrounding the Degen Chain ecosystem. Over the weekend, tokens within the Degen Chain ecosystem generally rose in price, with the token DSWAP from the Degen ecosystem’s DEX platform, DegenSwap, surging by 465% in 24 hours. DINU, a meme token, rose by 194%, and PURP rose by 67%. According to Dexscreener data, Degen Chain achieved a daily trading volume of over 80 million USD within less than a week of its launch, with 270,000 transactions in 24 hours.
In contrast to the crude meme ecosystem activities such as airdrops, token launches, and trading preval
ent in the Solana ecosystem, the memes within the Base ecosystem have undergone significant innovation, not only imitating the issuance methods of meme coins on Solana but also adding practical utility to break through their valuation ceiling. This approach, although not entirely new, was previously attempted with meme coins like Shiba Inu in the early years. However, due to the strong consensus of the Base chain, the market still appreciates this narrative.
With more and more projects entering the Base chain for meme entrepreneurship, we look forward to seeing some new meme coin innovations on the Base chain in the future, rather than just a rotation of hot money.