Memecoins
Basechain Memecoin Rise: Is Solana’s Dominance Under Threat?
- Base was catching up with Solana in memecoin market cap amid new launches.
- Base’s TVL is approaching $1.5 billion, lagging behind Solana’s TVL of $4.16 billion.
Amid the current memecoin frenzy in the crypto sphere, one player that has garnered a lot of attention is the Ethereum [ETH] Layer 2 blockchain, Base, incubated by Coinbase.
Base vs. Solana
In fact, despite many interesting memecoins launching on Solana [SOL] Lately, like Mother Iggy (MOTHER), Daddy Tate (TATE), and politically themed tokens like Joe Boden (BODEN) and Doland Tremp (TREMP), Base seems to be surpassing Solana in memecoin mania.
Following a market correction, several memecoins on Base are beginning to recover. This includes Brett (BRETT), Degen (Base) DEGEN, Basenji (BENJI), Higher (HIGHER) and many more.
According to CoinGecko, Solana memecoin market cap today stands at $6.49 billion, reflecting a 7.8% decline over the past 24 hours. In contrast, Base memecoin’s market capitalization was $2.14 billion, an increase of 7.8% during the same period.
Making the same point, Degen News noted:
Source: Degen News/X
BRETT vs BONK analysis
To better understand this trend, AMBCrypto compared the market movements of two memecoins from Solana and Base – BRETT and BONK. BRETT was found to be trading at $0.1491, a significant increase of 17.3% at the time of writing.
This bullish momentum was further confirmed by the Relative Strength Index (RSI), which was above the neutral level, indicating strong buying pressure.
Source: TradingView
On the other hand, BONK was trading at $0.00002137, after a modest 3.4% rise. However, the RSI was well below the neutral level, indicating strong selling pressure.
Source: TradingView
The story does not end there
AMBCrypto’s analysis of Santiment data revealed that BRETT’s social dominance decreased over the past 24 hours, while BONK’s social dominance remained stable, showing no clear signs of increasing or decreasing.
Source: Santiment
Further supporting Base’s emerging dominance, DeFiLlama data indicated that its total value locked (TVL) was approaching an all-time high. At press time, its TVL stood at $1.5 billion, a significant increase from $391 million on January 31.
However, Base still lags behind Solana, which has a TVL of $4.16 billion.
In conclusion, while Base has demonstrated remarkable resilience, it still lags behind the Solana network.