Base takes the torch from Solana as 2024’s memecoin darling

Learn Crypto continues to examine the revitalised memecoin scene in 2024 – from the hit Notcoin offering on Telegram, to the Solana memecoin phase and now, the Base blockchain, where the hottest memecoin real estate lies.

While the mainstream crypto markets of Bitcoin and other early pioneers continue into the second half of the year with lacklustre developments, memecoins continue to capture the imagination of investor and speculator alike. With an evolving array of niche digital assets that mimic the serious business of blockchain and paying homage to the whimsical flirtations of internet culture, there appears to still be life in memecoins.

Meme mania: a Look at Bamboo and Brett Coin in 2024

As we suggested in past articles, memecoins tend to be the briefest of flashes in the pan. So it’s no surprise that after Solana’s dominance in early 2024, a new blockchain, Base, has now become the hotbed of memecoin pretenders.

Among the pretenders for the meme crown are two new memecoins, both built on Base, who are currently experiencing the dizzying heights of crypto FOMO: Bamboo on Base and Brett coin.

Bamboo on Base: Growing green shoots of up

BAMBOO on Base probably sits most in line with the current focus of commercial venture, with its eco-friendly branding of sustainability setting it apart from other memecoins. 

The search for greener crypto isn’t new, but a memecoin with the same air of responsibility probably is, and that has certainly helped propel its price in the market, with some predicting demand to drive its price to just shy of $0.026 as of 1 August 2024.

Going by the Fear and Greed indicator, Bitcoin is languishing in Fear zone, but Bamboo is rising in the Greed direction. With a steady streak in recent weeks, there is much to signal a robust market presence for at least a few more months – at least, that’s what their holders will tell you now.

For more information about Bamboo on Base and how to buy it, refer to our token page on BAMBOO.

Brett Coin: Base chain’s rising star

But if we’re talking about why Base is doing so well, we should probably take a look at its top performing token (by market cap), Brett Coin.

Since its launch on 1 May 2024, Brett Coin has registered a whopping 140,000% price increase. That’s only a lifetime of little over two months.

Advocates say its success is a testament to the strength of community support often seen in good memecoin projects.

At Learn Crypto, we can only say Brett Coin exemplifies the extraordinary potential of short-term growth for memecoins.

All your base are belong to us

If Solana’s memecoin perfection was down to Solana’s speed and ease of use, then Base, an Ethereum Layer-2 chain, is comparable in that, like all Layer 2 projects, Base focuses on scalability and cheap transaction fees.

Here are some key features of Base:

• Security and scalability: Base is built on Optimism’s open-source OP Stack, so Dapps benefit from a high level of security and scalability.
• Empowered by Coinbase: Base’s goal is to be the on-chain home for all of Coinbase – its products, users and even assets.  aims to be the on-chain home for Coinbase products, users, and assets. Base integrates seamlessly with Coinbase’s fiat onramps, and has access to the Coinbase ecosystem, which includes over $130 billion in assets as of 31 March 20231.
• Cost-effective: Base says it offers full EVM equivalence at a fraction of the cost compared to Ethereum, so it appears to be an economical choice for developers and users.
• Developer-friendly: Base provides simple developer APIs for gasless transactions and supports Account Abstraction (ERC4337). This is meant to simplify Dapp interactions for the user.
• Interoperability: Base is versatile enough to access Ethereum, other Layer 2s, and even other Layer 1 ecosystems such as Solana. This makes it possible to have multichain applications.

Other than that, it’s difficult to pinpoint why Base looks to be overtaking Solana in this particular crypto niche. 

The rational explanations of market capitalisation, community strength, and development progress don’t necessarily apply to memecoin – instead, the sheer virality and marketing efforts are what appear to drive early growth.

Handle with caution

In terms of viability, we can only repeat what we’ve said about previous memecoins. The long-term success of memecoins is not proven.

If anything, all we’ve written so far about Bitcoin Ordinals in 2023, Notcoin, and Solana memecoins in 2024 continue to be accurate: memecoins can be profitable early on but do not stand the test of time in the markets.

Bitcoin Ordinals market cap may have remained stable, but is now heavily diluted among thousands of tokens. Notcoin peaked in June 2024, soon after launch, but is now just over 50% of its highest price in July. Solana memecoins boasted a market cap of $8.48 billion in April but is now down to $7.19 billion in July – saturated among many more new tokens.

While the outlook for memecoins like Bamboo and Brett is optimistic for the very short term (weeks, rather than months), it’s important to remember the lessons of the past.

The market in memecoins is filled with failed projects, with many new ones quickly replacing dead ones. A speculator wishing to dip toes into memecoins is more likely than not to choose many bad apples before settling on a good one.

The volatile history of memecoins serves as a reminder that while they offer the potential for significant returns, they also come with substantial risks and an incredibly short shelf life.

In this world, due diligence and a cautious approach are as important as the memes themselves.