Can Base Sustain Its Growth Amid Increasing Competition?
- Bases TVL grew steadily, with bullish network activity increasing transaction volumes.
- DEGEN memecoin surged in price and holders on Base network.
The Base ecosystem, Coinbases Layer 2 network, had a standout month, with several tokens recording triple-digit gains over the past 30 days. Among these, AERO gained attention with its impressive 184,000 holders, more than double that of its main competitor, ALB. Memecoin DEGEN, however, stole the spotlight, boasting the highest number of holders with a staggering 760,000 addresses, reports prominent data aggregator, intotheblock.
The Base ecosystem had a strong month, with several tokens posting triple-digit gains in the past 30 days.
IntoTheBlock (@intotheblock) October 4, 2024
Lets take a closer look at some of these tokens pic.twitter.com/8f6Zi9yb1f
On October 2, DEGEN surged in price and trading volume after its inclusion on Coinbases listing roadmap and the announcement that Base architect Jesse Pollak joined Coinbases executive team. DEGENs price skyrocketed 127%, rising from $0.004 to $0.009 in less than 24 hours, while its trading volume leapt from $8.5 million to $136.8 million, according to CoinGecko data.
Despite this positive momentum, Bases first memecoin, TOSHI, saw a decline in traction, with daily active addresses dropping to just 10 to 30, following brief spikes in activity.
Meanwhile, the Bases Total Value Locked (TVL) continues to rise, reaching $2.189 billion. Data from DeFiLlama shows that daily active addresses stand at 2.08 million, with 24-hour inflows of $6.29 million and a total volume of $829.9 million.
Base Network Growth
Pollaks influence extends beyond DEGEN, as he now leads the Coinbase Wallet team, signaling potential further integration between the Base ecosystem and Coinbases core offerings. The correlation between Bases token movements and Ethereum (ETH) suggests that keeping an eye on ETH trends could provide valuable insights.
Moreover, on-chain data reveals a close relationship between stablecoin growth and its transaction volume, which saw substantial expansion in early 2024. As market swings continue, the resurgence of bullish activity has contributed to the networks impressive performance, positioning Base for continued growth in the months ahead.
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Read more: https://thenewscrypto.com/can-base-sustain-its-growth-amid-increasing-competition/
Text source: TheNewsCrypto – Blockchain & Cryptocurrency News M
