Surge in BASE Chain Memecoins Sparks Network Activity, But BRETT Faces Price Challenges

• The surge in BASE chain memecoins has transformed the landscape, drawing significant attention from traders and investors alike.

• The rapid growth of small-cap memecoins within the BASE blockchain ecosystem highlights an emerging trend that challenges established players.

• As stated by COINOTAG, “The recent influx of new memecoins on the BASE network has disrupted the market, making substantial gains in a short time frame.”

BASE chain memecoins are experiencing explosive growth, with notable performers challenging established cryptocurrencies like Dogecoin and Shiba Inu.

BASE chain memecoins take the cake!

BASE has been witnessing a substantial surge in its network activity. As per Artemis’ data, BASE’s daily transactions skyrocketed to reach 11.4 million on the 26th of November. This represents a notable increase in user engagement and the overall health of the network, setting the stage for memecoins to thrive within this environment.

The blockchain’s active addresses followed a similar trend, indicating a growing interest among users and developers. Such an uptick in activity is often correlated with market growth, as seen in the recent rise of various memecoins.

Source: Artemis

A major reason behind this could be the emergence of multiple memecoins on the blockchain. CoinGecko’s data revealed that BASE chain-based memecoins reached a trading volume of $546 million in the last 24 hours alone. The memecoin market’s performance on BASE significantly contrasts with other blockchains, showcasing its increasing popularity.

Mentioning BASE blockchain’s memecoins, Ski Mask Dog [SKI] was one of the top performers as its value increased by more than 500% last week, pushing its market capitalization to $126 million. This meteoric rise has caught the attention of investors seeking lucrative opportunities within the memecoin sector.

Apart from Ski Mask Dog, Mister Miggles [MIGGLES] also performed well with its 30% daily price rise, contributing to the overall sentiment of bullishness in the market.

Source: CoinGecko

However, BRETT, the top BASE memecoin in terms of market cap, failed to capitalize on this trend. As per CoinGecko, the coin’s price fell by 9% in the last 24 hours. This decline serves as a reminder of the volatility inherent in meme-driven projects.

At press time, BRETT’s price touched the upper limit of the Bollinger Bands, indicating a potential envelopment in a downward trend. Its Relative Strength Index (RSI) also dropped, signaling a rise in selling pressure among holders looking to capitalize on profits.

Nonetheless, the technical indicator Chaikin Money Flow (CMF) showed a different reading. The indicator moved upward — a sign of more money flowing into the memecoin. This counterintuitive development signals that there could be a turnaround in BRETT’s price action, presenting potential buying opportunities.

Source: TradingView

Read Dogecoin’s [DOGE] Price Prediction 2024–2025

How are top memecoins doing?

BRETT wasn’t the only memecoin that was struggling. Top memes like Shiba Inu [SHIB] and Dogecoin [DOGE] also shared a similar fate, reflecting the overall volatility of the market. For instance, DOGE, the world’s largest memecoin, witnessed a nearly 4% price drop in the past 24 hours. SHIB, despite having registered double-digit weekly price growth, had a recent 3% price drop, emphasizing the unpredictable nature of meme coins.

As the landscape evolves, it is crucial for investors to remain vigilant about market movements and to analyze trends critically before making investment decisions.

Conclusion

In conclusion, the rise of BASE chain memecoins illustrates a shifting paradigm in the cryptocurrency market, with smaller players making significant waves. While established memecoins face challenges, the burgeoning ecosystem on BASE offers exciting opportunities for traders. The market’s dynamics signify a stage where emerging projects might pave the way for future growth. Investors should approach with both caution and enthusiasm, ensuring they are well-informed about ongoing market trends and technical indicators.