JPMorgan Predicts Base Token’s Market Cap Could Reach $34 Billion

JPMorgan forecasts Base token's market cap could reach $34 billion.

The combined market value of the token for Coinbase-supported L2 network Base could range from $12 billion to $34 billion following its launch, according to a report by The Block citing JPMorgan.

Experts predict that the largest American crypto company might retain up to 40% of the asset’s supply, securing a stake worth $4-12 billion.

Bank analysts modeled the potential market capitalization of the Base token based on on-chain activity within the ecosystem, suggesting the coin’s price could “reflect the network’s success.”

Since its launch in August 2023, the total value locked on Base has exceeded $5 billion, with the protocol processing over 9 billion transactions daily on average.

In early October, the creator of the L2 solution, Jesse Pollak, announced a call for proposals on the future token’s design. The community speculated that the primary goal of distributing BASE might be to boost Coinbase’s (COIN) stock price.

JPMorgan shared a similar view, raising its forecast for the company’s stock to $404 by December 2026. They cited “new monetization opportunities and reduced risks” as Coinbase increasingly focuses on the L2 network ecosystem and the stablecoin economy.

Bank specialists noted an additional factor in the company’s interest income from Circle’s reserves for USDC. Currently, the crypto exchange distributes most of the funds—around $374 million annually—among users. Analysts indicate that Coinbase is considering limiting these payouts.

They also pointed to the integration of a DEX aggregator into the Base app as a response to the growing trading volumes on decentralized platforms, which now account for 20% of the total market.

During Friday’s trading session, COIN’s price surged nearly 10%, approaching $355. Coinbase’s market value is approximately $91 billion.

Ethereum co-founder Vitalik Buterin praised Base’s achievements and positively assessed the team’s approach to decentralization.