It seems that the memecoin hype on Solana is coming to an end – traders are now eyeing the rapidly growing memecoin market on Base, Coinbase’s L2 network. The memecoin season is in full swing: at the beginning of March, the sector’s capitalization has already exceeded $40 billion, and Bloomberg analysts believe that the hype around memecoins is only gaining momentum.
Making money on the wave of hype is the dream of every crypto trader. How to do this and why it is better to switch from Solana to Base, experienced analysts Rekt Fencer and Xremlin told on the X social network (formerly Twitter).
What’s happening with Solana?
This year, the Solana blockchain, and along with it its native cryptocurrency SOL, are showing brilliant results. The altcoin rose in price by more than 100% and immediately exceeded the $200 mark, which was the highest since November 2021. At the time of writing, the SOL token costs about $173.
One of the main reasons for such rapid growth is the interest of crypto traders in memecoins, which were launched on the Solana network. Many traders use them as an opportunity to make money quickly and easily.
During March, many more memecoins appeared on the network, which quickly gained popularity. The most notable of them are Book of Meme (BOME), whose price soared 20 times in 3 hours, as well as Slerf, which was surrounded by scandals already at the start.
However, not everything is so smooth: a few days ago, analysts started talking about the fact that the hype around Solana was beginning to fade. We are talking about a decrease in institutional interest in SOL, which could jeopardize the altcoin rally. In this regard, many traders and investors are actively looking towards alternatives, one of which is Base.
TVL Solana surpassed the $4 billion mark
The total value locked (TVL) in the Solana ecosystem exceeded $4 billion for the first time since April 2022. This metric, which represents the total value of assets held on decentralized financial platforms, is important for assessing the overall viability of an ecosystem, the usefulness of its applications, and user activity. TVL’s rise signals renewed investor confidence and growing interest in DeFi protocols on SOL .
Why Base network is a grate choice for memecoins?
On March 21, analyst Rekt Fencer, popular analyst in the crypto community, said in his X-account that he earned more than $1 million on memecoins on the Solana network. Now he is moving to Base and encourages traders to follow his example.
His point of view was shared by an analyst under the nickname Xremlin – he noted that the memecoin season on Solana is ending, but the season on the Base network, on the contrary, is just beginning.
In the thread, Xremlin reflects that traders who managed to react to the trend in time earned “thousands or even millions of dollars” from Solana memecoins. However, this opportunity is already closing, the analyst believes – now the market focus is shifting to Base meme tokens, and “we could potentially see the same crazy rally.”
Xremlin reinforces his idea with the fact that crypto exchange Coinbase will soon launch a new product that will allow more than 100 million users to trade on Base without having to enter seed phrases or private keys. In his opinion, such a step will further fuel the excitement.
Potential of Base tokens
Rekt Fencer, in turn, highlights the untapped potential of Base tokens, which can bring high profits. He advises traders to “stop ignoring memecoins” and start capitalizing on this trend. “Trading meme tokens is the easiest way to make your first million dollars,” the analyst wrote on his X account. He has also compiled a whole list of memecoins based on the Base network that are worth a closer look and included:
Normie (NORMIE). Entry price: $0.12-$0.08.
doginme (DOGINME) Entry price – $0.001-$0.0007.
Briun Armstrung (BRIUN) Entry price: $0.023-$0.016.
bloo (BLOO) Entry price: $15-$12.
BaseProShops (BPS) Entry price: $0.0057-$0.0034.
Brett (BRETT) Entry price: $0.03674-$0.02.
Is the memecoin game worth it?
Trading memecoins is potentially profitable, but also extremely risky. The point is the high volatility of such assets, which can take off or collapse in a matter of minutes. In this regard, analysts also shared rules that will help protect savings when trading meme coins. Rekt Fencer encourages every trader or investor to do their own research before investing in any asset.
