Base Blockchain Transactions Jump on Meme Coin Led Frenzy
Crypto traders are increasingly investing in tokens issued on the Base blockchain, with funds locked on the network rising to nearly $1 billion from $450 million at the start of the month. Transactional activity has tripled to over 1.5 million a day and the number of unique addresses has doubled to 65,000 wallets. The direct access to Base from Coinbase’s exchange and wallet applications could make it the first network that retail users use. Prices of tokens such as Toshi, Thank You Base God, Normie, and Brett have risen as much as 1,300% over the past week, crossing over $1 billion in cumulative trading volumes. Technical project tokens like Aerodrome’s AERO and Seamless’ SEAM rose as much as 90% in the past week. The network has generated $1.8 million in fees over the past 24 hours. High gas fees have resulted from the popularity of meme coins on Base. Most transactions come from meme coin trading and trading bots buying tokens shortly after issuance.
