15 out of 20 coins have demonstrated significant transaction activity on Base, resulting in a 7.1% increase in market capitalization within the past 24 hours. The top 5 performing meme coins on Base include BRETT, TOSHI, DEGEN, and Mochi.

Since the recent Dencun update on the Ethereum network, Base has gained popularity, attracting over 100 million users to engage on the network without relying on Coinbase’s centralized exchange (CEX). Coinbase introduced Base, its Layer-2 scaling solution for Ethereum, in 2023.

Base has emerged as the preferred platform for meme currency transactions due to its user-friendly development environment for the Ethereum chain and notable scalability. According to Dexscreener, a blockchain data service, 15 out of 20 coins have demonstrated significant transaction volume on Base. Over the past 24 hours, Base has experienced a surge, leading to a 7.1% increase in market capitalization for meme coins.

Base meme coins such as BRETT, TOSHI, DEGEN, and Mochi have seen considerable performance, with a total market cap reaching $1,018,855,557 as of March 26. BROGE, a meme coin based on Base, has witnessed a significant 332.2% increase in value within the past 24 hours. This surge in popularity has attracted degenerate traders to Base.

Solana experienced an impressive 450% surge over the past year but suffered a setback due to the release of several racist tokens by traders, prompting many individuals to transition to Base. Despite its efforts to position itself as a leading network for DeFi protocols, Solana's progress has stagnated, raising concerns about its ability to recover from this setback. Conversely, Base has benefited from the increased transaction fees associated with Layer 2 upgrades, reporting a substantial increase in revenues.

Base founder Jesse Pollak reported a significant revenue increase, with traders paying $1.67 million to the network as of March 19, marking a 700% gain from the previous day. While Solana's crash played a role in Base's success, the surge in Layer 2 transaction costs following the Dencun upgrade on March 3 also contributed. Base is taking measures to address rising costs by planning to triple the network's gas target and exploring parallel pathing solutions to meet its medium-term gas objectives.