Original - Odaily
Author-Wenser
Artists in Crypto@Darkfarms 1 Led by the Bome project launched by Today, with the crypto market correcting and the prices of SOL and ecological tokens cooling down, the popularity of the Memecoin project on the Base chain has quietly increased.
What sparked heated discussion in the market was a pair of Memecoin combinations, OVER and BACK. Users can trade market sentiment by purchasing OVER or BACK, which is equivalent to a real-time on-chain prediction market of panic/greed indicators. Therefore, it has become the first place for everyone to rush after entering the Base chain. Toward the Memecoin target.
DEXTools data shows that the prices of OVER and BACK have been soaring, with daily increases of more than 2000%. OVER has exceeded $0.023, and BACK has exceeded $0.019. However, just a few hours after the community carnival, OVER and BACK quickly dropped, erasing the gap. With an increase of 80% from the high point, the current OVER price has fallen back to around $0.004, and BACK has fallen back to around $0.003.
Headline projects are limited, and the FDV of most projects is less than US$10 million.
The rapid rise and fall of OVER and BACK also reflects the current status of the tokens in the BASE ecosystem.
Although the transaction volume of many popular Memecoin projects on the Base chain has been relatively active recently, the FDV of most projects still remains below 10 million US dollars, and only a few projects have FDV exceeding 100 million US dollars, such as DEGEN, TOSHI, NORMIE, BREET, etc.
Based on the existing situation, the Memecoin project on the Base chain can be regarded as a representative of the classical Memecoin type:
-TOSHI, the image comes from Coinbase CEO Brain Amstrong’s beloved cat named after Satoshi Nakamoto;
-BRETT, inspired by Matt Furys Boys Club comics, is a blue short-eared frog that resembles Pepe;
-NORMIE, the image is a blue frog that looks like a middle-aged Pepe, wearing frame glasses and a beard, like a kind uncle.
It can be seen that these projects are still in the stage of imitating existing successful cases. The originality of Meme images is relatively limited, and the overall narrative and community culture construction are still gradually being developed and improved.
In addition to favorable factors such as low gas fees, being backed by the Coinbase ecosystem, and convenient and fast abstract account wallets, the active Memecoin ecosystem on the Base chain is also inseparable.FarcasterSocial protocols and their applications include various Memes on Warpcast, such as DEGEN, FAR, SPAM, CAST and other projects. Active users brought by low issuance thresholds are the main force in the Base chain Memecoin ecology. But whether the Memecoin craze can continue, according to Judging from the current market feedback of rapid rise and sudden decline, there is still a big question mark.
Are art NFTs an opportunity for the Base chain?
In addition to the Memecoin ecosystem, the NFT market of the Base chain has also attracted a lot of attention.
Recently, well-known encryption artists@XCOPYARTReleased Base chain Open Edition type digital art works with the help of Manifold platform《MUTATIO》, users can obtain the NFT after paying 0.00069 ETH, 2 USD Manifold platform service fee and Base chain Gas fee. This project has also brought some crypto art enthusiasts and NFT players to the Base chain to a certain extent. It may form a certain demonstration effect and drive more crypto artists to enter the Base chain ecology to issue related crypto art works. As of the time of publication, the total number of mints of this artistic work reached 253,779, and the total sales amount reached 1.751 ETH (approximately 567,000 US dollars).
Summary: It’s still a high-risk PVP game
Therefore, overall, the memecoin ecosystem on Base is still not yet formed. The market value and number of active addresses of the leading projects are far from those of the Solana ecological Memecoin project. Therefore, the market capacity is small, and trading behavior can easily evolve into a chain. Play PVP games”. Compared with recent Solana ecological Memecoin projects such as BOME and SLERF, the Memecoin project of the Base chain has not yet formed a scale.
Odaily reminds users that MEME tokens are extremely risky, especially when liquidity is insufficient, so they must pay attention to asset security and participate with caution.
Attached is the Base chain asset cross-chain tool:
https://bridge.base.org/deposit
