Base blockchain swept by a wave of meme-tokens

In Coinbase’s L2-network Base, new meme cryptocurrencies appeared, some of which posted multifold gains.

Traders have been buying little-known tokens such as BALD, COIN and BASED, using the decentralized exchange LeetSwap.

On July 30, more than half of the platform’s daily trading turnover was in BALD — a token referencing Coinbase CEO Brian Armstrong. In two days the asset rose almost 40,000%, to $0.085. It later fell to around $0.055.

According to Lookonchain analysts, in the first minutes of trading four addresses bought 50 million BALD (50% of the asset’s total supply) for 0.5 ETH (~$933). After a few hours traders sold part of the coins for 554 ETH (~$1.04 mln).

Another meme token BASED rose 145,000% in 24 hours and is now trading at $0.3963. Its market capitalization has reached $291 million.

Also appeared the token BASE, which like the rest has no intrinsic value and tries to imitate the network’s allegedly native token. The asset surged 41,000% in 24 hours—to $0.007942, with a market capitalization of $789,000.

Some traders warned that the hype around Base meme tokens may have run its course. Probably most of them will head lower now.

“It’s already too late for BALD if you haven’t joined. The market is currently jumping from one thing to another. Don’t be anyone’s exit liquidity,” said a user going by the pseudonym HORSE.

On July 13, the Base blockchain opened access to developers for its mainnet. The official launch of the network is planned for August. The project is built on Optimism’s OP Stack and operates as an Ethereum-like network of rollups.

As reported by Scimitar Capital, PEPE meme-token holders realized $160 million in profits. Most of the sum went to users who bought the asset in its first week after launch.

According to Lookonchain, the total unrealized profit of the ten largest Milady holders reached $20 million.