Ahead of Onchain Summer, Coinbase’s explosive new layer-2 scaling blockchain, Base chain, has slowed, and many BASE meme coins, namely Toshi and Normie, are on a discount right now.
Base SZN has recently hit a bit of a skid. Volume had dried up from the heights in March when the network was consistently processing over $500 million daily volume.
Since the beginning of May, Base has a 7-day total volume of $2.1 billion, meaning an average of $300 million daily.
In comparison, Solana has seen over $8 billion in volume over the past week, maintaining above $1 billion daily.
On-Chain Summer Coming Soon to Base Chain – Here’s Why
While money has flowed back into Solana, don’t count Base out yet. They have the full backing of Coinbase with senior Coinbase Employee and creator of Base, Jesse Pollak recently writing an article regarding ‘on-chain summer’.
Base and their partners (Coinbase being one) are putting up over $2 million in ETH in grants, prizes, and gas credits to builders and creators on Base.
Couple this with the imminent release of the Coinbase Smart Wallet (where users of Coinbase CEX can interact with Base on-chain straight from the Coinbase UI), and this should drive the volume and user base of Base significantly.
Onchain summer is back.
We’re inviting builders, creators, brands, and artists to co-create Onchain Summer with us, and Base and our partners are offering over 600 ETH ($2 million) in prizes, grants, and gas credits
What are you building?https://t.co/MykF3JSh1i
— Base 🛡️ (@base) May 2, 2024
After all it’s true, across the crypto market, many meme coins that had insane runs at the beginning of this year are down a hefty amount from their all-time highs.
Two in particular look set to explode once the market’s attention shifts back to Base: Toshi and Normie – lets take a look.
Toshi – OG Cat Meme Coin Named After Brian Armstrongs Cat
(TOSHIUSD)
Toshi is one of the OG Base meme coins. It has all of the right ingredients for a great meme coin; it’s a cat, the name of Brian Armstrongs (head of Coinbase) cat, and said cat was named after Satoshi Nakamoto, the creator of Bitcoin.
For those wondering if $Toshi still has a card to play for the bull run, follow the whales 🚀🚀" pic.twitter.com/Wj5re3NZyn
— Lucas Loison (@LucasLoison9810) May 7, 2024
It is down over -50% from its high of $0.0007, currently sitting at $0.0003. The community is huge, with over 170,000 holders and 44,000 followers on X (one of those followers being Jesse Pollak).
Even with the slowdown on Base, Toshi is still processing over $400k in daily volume. Toshi ticks all the boxes for a meme coin that could see a Coinbase listing soon: It is extremely retail-friendly (cute cat coin) and already has a thriving OG community on Base.
DISCOVER: Top 11 Solana Meme Coins to Consider in May 2024
Normie – Onboarding all Retail Normies on Coinbase
Normie is the definition of a blue-chip meme coin. Launched at the beginning of March, it went on a crazy run of over +10,000% gains by the end of March.
Their whole tag-line is ‘For the Normies of Base’ and the team produce some of the most creative and hilarious content on their X account.
They’ve amassed over 60,000 holders and 19,000 X followers in less than 2-months and this insane growth can most definitely be attributed to their social media presence.
I’ve been calling the bottoms on $NORMIE @NormieBase since $3 million MCap and once again I’m calling the bottom here on $NORMIE again before our run to $250 million MCap. We retraced 78% from ATH and we wicked down to the low we made after our first major run on March 18th. I am… https://t.co/1c3ksdKEaO pic.twitter.com/zXsKUDt4gw
— Aro.eth (💵,🗽) (@aroscrypto) May 8, 2024
They’ve gained the attention of Jesse Pollak, with him interacting with their posts on multiple occasions.
Normie’s market cap is currently $44m, down from the high of $120m. Their consistently hilarious content on social media will no doubt result in another parabolic run as people begin flocking back to Base for On-Chain Summer!
The Bottom Line: Don’t Sleep on BASE Chain Revival in On-Chain Summer
As BASE chain works to make a come-back amid returning retail capital, the onboarding opportunities afforded via Coinbase’s upcoming smart wallet could supercharge BASE meme coins across the market.
With prominent projects on a firesale amid the decline in Base Chain trading volumes, now could be an opportune moment for eagle-eyed meme coin traders to take position ahead of a larger bull run.
EXPLORE: PEPE Price Analysis: As PEPE Leads Meme Coin Resurgence, Is 99BTC Next to Explode?
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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