While Solana [SOL] has traditionally been a dominant player in the meme cryptocurrency space, a fresh contender has entered the arena.
The BASE blockchain, operated by Coinbase, has recently embraced the meme coin trend, demonstrating robust network activity that has allowed several lesser-known meme coins to thrive and even outshine established memecoins significantly.
The Rise of BASE Chain Meme Coins!
Notably, BASE has experienced a notable uptick in network activity. According to data from Artemis, the daily transaction volume on BASE surged to 11.4 million on November 26th.
A noticeable increase was also observed in the number of active addresses on the blockchain, indicating a substantial rise in user engagement.
One of the primary catalysts behind this surge is the proliferation of various meme coins on the BASE blockchain.
Statistics from CoinGecko illustrate that meme coins built on the BASE chain amassed a staggering trading volume of $546 million within the past 24 hours. While some meme coins exhibited remarkable growth last week, others did not fare as well.
Among the notable BASE blockchain meme coins, Ski Mask Dog [SKI] exhibited outstanding performance, with its value soaring by over 500% last week, propelling its market cap to $126 million.
In addition to Ski Mask Dog, Mister Miggles [MIGGLES] also posted impressive results with a daily price surge of 30%.
However, despite its potential, BRETT, the leading meme coin on the BASE blockchain in terms of market capitalization, failed to capitalize on this trend. According to CoinGecko, the coin witnessed a 9% price decline in the past 24 hours.
As of the current moment, BRETT’s price has hit the upper limit of the Bollinger Bands, often a precursor to price corrections. Additionally, its Relative Strength Index (RSI) has decreased, indicating heightened selling pressure.
Nevertheless, the Chaikin Money Flow (CMF) technical indicator provides a glimmer of hope by signaling an influx of capital into the meme coin, potentially leading to a reversal in trends in the near future.
Performance of Leading Meme Coins
BRETT was not the sole meme coin facing challenges. Popular memecoins like Shiba Inu [SHIB] and Dogecoin [DOGE] also experienced similar setbacks.
For instance, DOGE, recognized as the largest memecoin globally, recorded a nearly 4% drop in price over the last 24 hours. Conversely, SHIB, despite registering substantial weekly price gains, saw a decline of 3%.