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The frenzy surrounding memecoins shows no signs of slowing down, but the emergence of shiny new tokens like ape is intensifying the battle for attention, threatening the dominance of existing projects. What role is the top memecoin community playing to re-capture the market's attention?
Within the Ethereum ecosystem, Base has become a hotspot for on-chain activity, processing over 1 million transactions per day consistently in the past ten days since the launch of EIP-4844 and surpassing Blast to become the third-largest L2 after doubling its on-chain assets.
To capture a portion of the capital flow entering Base memecoins (with the industry's market capitalization slightly above $1 billion according to CoinGecko data), BITCOIN announced yesterday on Twitter that it would be deploying on Base, sparking a brief rebound. Within 15 minutes of the announcement, the price surged nearly 20%.
While Bitcoin migrated to Base in search of better direction and new capital, the project found itself trailing behind DOG, a fragmented representation of DOGE NFTs, which was deployed via airdrop to Base almost two months ago and announced yesterday that it would be deploying to Solana.
Solana has played a central role in the memecoin frenzy, serving as the host for most newly deployed tokens and handling a significant portion of memecoin trading volume in recent months; DOG's deployment on-chain has it facing a mountain of speculative demand!
While competitors aim to attract buyers by migrating to existing chains, DEGEN on Base is taking a different direction, hoping to create its own chain and increase the utility of its token to stimulate buyer excitement.
The Degen chain, deployed in collaboration with Web3 infrastructure provider Syndicate, will use DEGEN as its gas token and is one of the first batch of L3s specifically built for the community, aimed at fostering experimentation with various applications supporting DEGEN, including tipping and community rewards for payments and gaming! |
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Post time 9-4-2024 09:46:04