Base’s Total Value Locked Hits Record High Amid Meme Coin Rally.
Meme coins deployed on Base rose by 13% over the past 24 hours and are the crypto sector with the highest price leap in this period, according to data aggregator CoinGecko. This is also the sector with the best performance over the past seven days, posting an upside of nearly 52%.
The Degen POV (POV) token is the major force driving Base meme coins’ rise, soaring 84.5% in the last 24 hours and over 200% over the last week. Moreover, Base’s famous blue cat Brett (BRETT) is up almost 28% in the daily timeframe.
The blue dinosaur Broge has been registering a gradual upward movement since the beginning of May and shot up almost 35% intraday. CONDO, which showed a sharp price decrease on June 4th, seems to be recovering after posting an 18% daily rise.
Basenji (BENJI), Long (LONG), and Ski Mask Dog (SKI) round up the two-digit gainers in the Base meme coin ecosystem, with 18.7%, 11.7%, and 10.8% respective growth.
Furthermore, the Base ecosystem as a whole is thriving. The total value locked (TVL) in the Coinbase layer-2 blockchain recently reached an all-time high of $1.77 billion, and the on-chain trading volume stood at nearly $12 billion in May.
Is meme coin summer on the way?
As reported by Crypto Briefing, crypto industry players expect a “bright June” fueled by the recent spot Ethereum exchange-traded funds (ETF) approvals in the US and the prospect of rate cuts by the European Central Bank and the Fed.
Among the industry experts who predict a good ending to the second quarter, James Davies, co-founder and CPO of Crypto Valley Exchange, expects a “meme coin summer” soon.
“We see a summer containing the pump of meme coins similar to the NFT summer of 2021. As a result, we will probably see some retail money pulled from other high-yield projects temporarily,” explained Davies.