Base Network: A Fertile Ground for Memecoins
Base is an Ethereum Layer-2 solution developed by Coinbase using the Optimism framework, designed to enhance transaction speed and reduce costs. As of mid-2024, Base has rapidly become one of the largest Ethereum Layer-2 networks, with a Total Value Locked (TVL) of approximately $2.45 billion and over 65 million addresses. Its gas fees are as low as $0.10, and transaction throughput can reach 31 TPS. These features make Base particularly attractive for memecoin projects that rely on community engagement and viral marketing. Here is a detailed look at the top 10 memecoins on the Base ecosystem.
Brett ($BRETT)
Launched on February 29, 2024, by Matt Furie—the creator of the famous Pepe meme—Brett aims to reflect the fun and humor of meme culture using blockchain technology. Its total supply is capped at 10 billion tokens, with 10% reserved for the treasury, 85% allocated to liquidity pools, and 5% to centralized exchange wallets. Brett has been listed on major exchanges such as Bitget, KuCoin, and Binance Futures, gaining popularity as a cultural icon and mascot for the Base Chain ecosystem.
DEGEN ($DEGEN)
DEGEN started as a meme coin airdropped to active participants of Farcaster’s Degen channel and later evolved into the native token for Degen Chain, a Layer-3 blockchain built on Base. It is used to pay gas fees on Degen Chain and recorded nearly $100 million in transaction volume within the first 24 hours. With 70% of the token supply reserved for future airdrops, DEGEN emphasizes a community-first philosophy and low transaction costs.
TOSHI ($TOSHI)
Named after Coinbase CEO Brian Armstrong’s pet cat, TOSHI playfully references Bitcoin’s creator Satoshi Nakamoto. It has a circulating supply of 420 billion tokens and a market cap of approximately $58.65 million. TOSHI integrates a 3,000-NFT collection called NFTOSHIS, and offers developer utilities like token lockers, liquidity lockers, and multi-sender tools. Additionally, the MEOW DAO allows token holders to participate in decentralized governance.
BENJI ($BENJI)
Inspired by the Basenji dog breed, BENJI has a total supply limit of 1 billion tokens, with about 922 million currently in circulation. It hit a market cap of $30 million within 24 hours of launch and peaked at $57 million in its first week. Currently, BENJI’s market cap stands at around $27 million, with a 24-hour trading volume of approximately $1.37 million, reflecting solid market interest.
MIGGLES ($MIGGLES)
Derived from a viral video featuring a Himalayan cat, MIGGLES is marketed as the “Coinbase Cat Mascot.” Its circulating supply is about 960 million tokens, with a market cap of around $23.58 million. The community recently acquired the Miggles 10k NFT collection, marking the first major NFT collection acquisition by a community takeover initiative. MIGGLES is actively traded on LBank and decentralized exchanges like Aerodrome.
MFER ($MFER)
Named after popular internet slang, MFER targets a youthful, tech-savvy audience with a total supply capped at 1 billion tokens. Recent listings on exchanges like Gate.io have boosted trading volume and market interest. MFER integrates social elements, allowing users to earn rewards through community participation and content creation, appealing to younger investors seeking more than just financial returns.
KEYCAT ($KEYCAT)
KEYCAT celebrates the legacy of the famous Keyboard Cat meme with a total supply of 10 billion tokens (all circulating). Its 24-hour trading volume often exceeds $1 million, and the market cap is currently over $54 million. The coin has shown a steady price increase, outperforming many other cryptocurrencies.
CHOMP ($CHOMP)
CHOMP originates from a meme featuring an orange fuzzball character named “Chomp” that plays on the phrase “lettuce cook.” The total supply is 100 million tokens, with about 93.7 million in circulation. CHOMP trades on Aerodrome SlipStream via the CHOMP/WETH pair, and its market capitalization is around $13.23 million, showcasing growing popularity.
NORMIE ($NORMIE)
Symbolizing internet culture’s “normie,” NORMIE is an ERC-20 token on Base with a total supply capped at 1 billion tokens and about 974.57 million in circulation. It made headlines after a smart contract vulnerability caused its market cap to drop from $41 million to $2 million; it has since recovered to around $19.22 million. The community remains active, trading primarily on SushiSwap V2 and Uniswap V3.
BAMBOO ($BAMBOO)
BAMBOO reflects panda meme culture with a total supply capped at 1 billion tokens. Its fully diluted valuation (FDV) is $10.08 million. Most trading occurs on Uniswap V3 (Base) via the BAMBOO/USDC pair, with a 24-hour trading volume of about $128,445.
Risk Warning and Conclusion
Investing in memecoins involves high risk due to volatility and limited real-world utility. Community engagement and social media hype are the primary drivers of value. Investors should conduct thorough research and avoid investing large sums. The Base ecosystem continues to provide a fertile ground for memecoin growth, but a balanced perspective on both risks and rewards is essential.