After the Meme Summit, the Base Meme coin ecosystem officially enters the second half
Bid farewell to the wilderness period and strive for goals such as "the next billion-dollar valuation," "listing on Coinbase," and "massive user on-chain society."Author: Wenser, Odaily Planet Daily
In the early morning of June 7, Beijing time, the Base Meme online summit concluded. As a small-scale exchange meeting for Base ecosystem Meme coin projects, Jesse Pollak, the head of the Base protocol, issued a new call at the conference: to urge a Meme coin project to lead 10,000 new users into the Base ecosystem. It is evident that Meme coins are still a key area that the Base ecosystem has high hopes for. Currently, with nearly $8 billion in TVL and firmly holding the second position in L2 network TVL rankings, these achievements are also attributed to this segment.
As Base approaches the one-year anniversary of its mainnet launch, Odaily Planet Daily will provide a brief introduction and analysis of the Base Meme coin ecosystem in conjunction with the Base Meme Summit.
The History of Base Meme Coins: One Person is an Army
According to Coingecko's latest data, the total market capitalization of Base Meme coins is currently around $2.27 billion, accounting for about 25% of the total TVL of the Base ecosystem. Of course, this data has certain inaccuracies because, firstly, it only calculates the circulating market value of 64 types of Base ecosystem tokens, and nearly half of these projects have almost zero liquidity, leading to missing market cap data; secondly, this data does not include the fluctuating Meme coin projects on the Base ecosystem, so it should be taken as a reference only.
However, from this data, we can see that Meme coins have become a major focus of the Base ecosystem, which cannot be separated from the contributions and efforts of many key figures.
Jesse Pollak: Driving Base Ecosystem Development by Himself
If we were to name the biggest contributor to the development of the Base ecosystem, it would undoubtedly be Jesse Pollak.
As one of Forbes' "Seven Key Figures of Coinbase," Jesse Pollak was originally just an engineer at this well-known exchange. However, the successful experiences he accumulated during the consumer product building process laid a solid foundation for his subsequent leadership of Base, a key L2 network under Coinbase.
In the article "Uncovering Coinbase Star Engineer Jesse Pollak: How the Base Chain Was Born?", we can also learn that the birth and gradual implementation of Base cannot be separated from Jesse's promotion and continuous contributions:
In February 2023, the Base testnet was officially launched;
In August 2023, the Base mainnet was officially launched, and at the same time, Friend.tech became the popular SocialFi application that ignited the entire crypto world;
In October 2023, the social protocol Farcaster officially launched on the Base ecosystem, starting to generate protocol revenue and becoming a strong growth point for the Base ecosystem in the following months.
In March 2024, following the Meme coin craze in the Solana ecosystem, the Base ecosystem also became a popular battleground for Meme coin projects due to its low-cost advantages.
Behind these key events, Jesse has always been the one waving the flag and shouting. His support for the Base ecosystem, including Meme coins, NFTs, and various on-chain applications and crypto projects, is evident—he not only participates personally but also provides maximum promotional support for quality projects. In fact, as early as 2023, he was scammed by a Rug pull after purchasing a Meme coin project. As the head of the Base protocol, he possesses both the keen intuition and logical thinking of an engineer, as well as great personal charm, speaking passionately in public and firmly believing in the vision that "Onchain is the Next Online."
It can be said that the development of Base's Meme coin ecosystem is also deeply influenced by Jesse—focusing on community, calling for creation, valuing equality, and promoting collaboration. Of course, he also understands the importance of creativity and Meme attributes for Meme coin projects, which is why he previously claimed—"When the TVL of the Base ecosystem breaks $10 billion, I will shave my head (Go Bald)" (influenced by Coinbase CEO Brian Armstrong being bald, Bald has become a "hot meme" in the Base ecosystem).
TYBG: A Meme Coin That Started with One Person
In addition to Jesse, the Meme coin project TYBG, which directly uses the image of Coinbase CEO Brian Armstrong as its symbol, also started as "one person is an army."
At the Base Meme Summit, the person in charge of TYBG admitted that when the project just started in December last year, he was the only one involved. However, as the Base ecosystem gradually developed and flourished, the TYBG community began to welcome more members, and the experience of being alone in the early days of the project allowed him to gain valuable insights and feel the unique charm of Meme coin projects and their distinct development paths.
Looking at other relatively well-known Meme coin projects in the Base ecosystem, such as TOSHI, MOCHI, AYB, and DEGEN, these projects also emerged from the trust of a very small number of people in Coinbase, the Base ecosystem, and Memes, gradually making their way to where they are now. It can be said that Meme coins have provided many ordinary people with a stage to showcase their talents, find like-minded individuals, and unleash their creativity.
After more than half a year of development, Base ecosystem Meme coins have rapidly grown at a pace unique to the cryptocurrency industry, and their development landscape is now vastly different from the state of being overlooked last year.
Base Meme Coin New Landscape: One Dominant, Many Strong + Blooming Everywhere
If in the past, the standout players among Base ecosystem Meme coin projects were relatively limited, after about three months of "elimination," the current landscape of Base Meme coins has entered a stage of "one dominant, many strong + blooming everywhere."
Previously, we mentioned some of the leading + popular projects. Currently, BRETT's market cap has surpassed $1 billion, entering the "mature stage of Meme coins"; other projects like DEGEN, TYBG, and TOSHI have also gradually stabilized in market cap, while only NORMIE has seen its market cap nearly drop to zero due to a flash loan attack. Although it recently released a new token and initiated refunds, its momentum is no longer what it used to be. Below is an introduction to the main project information:
Base Meme coin market cap ranking
Super Meme: BRETT
As previously mentioned, this meme is inspired by one of the four characters from Matt Furie's famous comic series "Boy's Club," and is friends with the famous meme character Pepe. As of today, two months later, BRETT's market cap is close to $1.4 billion, with a price of $0.1748, ranking 69th in market cap, and a 24-hour increase of 28.6%.
It must be said that the power of Pepe-related Meme coins is terrifying, and the "Pepe friend concept" has firmly secured the top position among Base ecosystem Meme coins.
Many Strong: DEGEN, TOSHI, KEYCAT, MFER, TYBG, MOCHI
The remaining Meme projects that have gradually entered a stable development phase mainly include the Farcaster ecosystem token DEGEN, cat-themed Meme coins TOSHI, KEYCAT, MOCHI, and MFER (Mfercoin) issued by NFT artist Sartoshi.
DEGEN has a total supply of 37 billion, with a circulating supply of about 12.4 billion, priced at $0.022, with a circulating market cap of $280 million and a total market cap of $830 million, with a 24-hour decrease of about 8.2%;
TOSHI has a total supply of 420.69 billion, all of which are currently in circulation, priced at $0.0005, with a circulating market cap (total market cap) of $216 million, and a 24-hour increase of 19.8%;
KEYCAT has a total supply of 10 billion, all of which are currently in circulation, priced at $0.006, with a circulating market cap (total market cap) of $63 million, and a 24-hour decrease of 0.7%;
MFER has a total supply of 1 billion, all of which are currently in circulation, priced at $0.046, with a circulating market cap (total market cap) of $46 million, and a 24-hour decrease of 10.7%;
TYBG has a total supply of 125 billion, with 2 billion burned, and a circulating total of 123 billion, priced at $0.00025, with a total market cap of $31 million, and a 24-hour increase of 4.9%;
MOCHI has a total supply of 1 trillion, all of which are currently in circulation, priced at $0.000029, with a circulating market cap (total market cap) of $29 million, and a 24-hour decrease of 12.2%.
Blooming Everywhere: DOGINME, HIGHER, CHOMP
At the Base Meme Summit, in addition to the already famous Meme coin projects, a number of new Meme coin projects from the Base ecosystem also took the stage as "sponsors + questioners."
Among them, DOGINME, as a "sports + ecological Meme," currently ranks high with a market cap of $28 million; HIGHER has gained recognition from the entire Base ecosystem, with Jesse himself repeatedly promoting it, hoping that the Base ecosystem and various projects within it can go "Higher and Higher," currently following closely with a market cap of $27 million; CHOMP is a Meme coin project featuring a cartoon dog image, currently ranking 994th in the cryptocurrency market cap ranking with a market cap of $26 million.
Of course, there are many potential Meme coin projects emerging on the Base chain every moment, such as the recently popular MOTHER token from the Solana ecosystem, which has gradually broken into a phenomenon-level Meme coin, and the similarly named Meme coin in the Base ecosystem is also gaining momentum. For more details, you can refer to the Dexscreener and other platforms' Base chain token interfaces to discover the next potential golden dog.
List of sponsored projects at the Base Meme Summit
Development of Base Meme Coins: Whoever Controls the Community Holds the Future
At the Base Meme Summit, which ended at 2 AM today, personnel from several relatively mature Meme projects engaged in Q&A and discussions on topics related to the development of Base Meme coins. After watching the entire Meme summit, one of my impressions is that Meme coins are gradually becoming the "entrepreneurial testing ground" for a new generation of young people.
Meme Coins as the "Internet Applications" of the New Era
Unlike the previous "internet wave" led by internet technology companies, with the development of the cryptocurrency industry and the gradual penetration and deepening of cryptocurrency's influence on society, the Web3 industry, encompassing multiple subfields such as DeFi, SocialFi, GameFi, NFTs, DAOs, Infra, public chains, L2, BTC ecosystem, AI, DePIN, and RWA, is gradually becoming a new "entrepreneurial battleground."
Meme coin projects may be the most attractive choice for young people. Whether you are a newcomer to the cryptocurrency industry or an experienced "old investor," you can buy a Meme coin, join community building, or experience the ups and downs of price fluctuations; you can also start your own "Meme coin entrepreneurial project" based on some fun and interesting memes or symbols you are interested in—creating a successful Meme coin project and becoming a "Meme coin entrepreneur" may become an important role in leading social cultural trends, similar to past rock musicians, rap artists, and literary writers.
Of course, as the TYBG project leader mentioned at the summit, before starting a project, whether it's a Meme coin or something else, it's best to consult a lawyer to avoid unknowingly violating certain local laws and regulations.
Meme Coin Success Guide: Attention Economy, Content-Driven, and Community is King
At the Base Meme Summit, discussions on the methods of Meme coin issuance, project development, and how to lead more people into the "on-chain world" also sparked a lot of discussions. Summarizing, the focus lies in three keywords:
Attention Economy: This is the inherent attribute of Meme coins and a necessary component of project operation. The entire cryptocurrency industry is the same; the difference is that, leveraging the power of Meme dissemination, Meme coins can achieve broader dissemination and promotion, achieving a "small force moving a great weight" leverage effect.
Content-Driven: This is also the firsthand experience and insights of many project practitioners, including MOCHI, AYB, DEGEN, and TYBG, and is a prerequisite based on the attention economy. Meme coin projects must excel in this aspect. Only those projects that can produce creative content and various interesting content can attract more people's attention and further viral spread, thus finding more builders and holders for project development. Jack from the DEGEN community believes that Meme coin projects should learn from successful consumer applications like TikTok and Instagram in terms of content dissemination to help their projects grow.
Community is King: The development history of the Base ecosystem and many Meme coins is a perfect example of this point. Only projects that value community can have a place in the market. Of course, this also involves the "expectation management" issue mentioned by MOCHI's Coco in the sharing, "When the token price rises, people are very happy; when the token price falls, people become very unhappy, even angry," which tests the project team's and community leaders' ability to effectively manage community expectations. Knowing when to communicate what news is crucial for many Web3 projects, including Meme coins.
Conclusion: Besides Price and Community, What Else Do Base Meme Coins Look At?
In addition to price and community, another significant influencing factor for Base ecosystem Meme coins is Coinbase. This is both a "positive factor" that many people are eagerly looking forward to and a "hope" that many are yearning for.
It is worth noting that as a leading DEX project in the Base ecosystem, Aerodrome was previously influenced by Coinbase's launch of its native token AERO and the investment from the Base ecosystem fund led by Coinbase Ventures, which caused its token price to surge to around $2, increasing nearly 50 times from its low point.
Therefore, after BRETT's market cap surpassed $1 billion, the next "crown" that Base ecosystem Meme coins are competing for may be the achievement of "listing on Coinbase."
After the Base Meme Summit, the Meme coins of the Base ecosystem may also enter the second half—jointly building an "Onchain Society" that embraces the grand vision of "leading 1 billion users into the on-chain world," and the realization of this vision absolutely relies on the support of one unique and distinctive Meme coin project after another.
Source: Interpretation of Based Memes and Based Institute: Where is the Future of the Base Ecosystem?
