Benzinga - A meme coin named Brett (CRYPTO: BRETT) that runs on Base, a system that helps Ethereum (CRYPTO: ETH) work faster and cheaper, has been up 30% in the last seven days.
What Happened: On-chain cryptocurrency analyst Ali Martinez thinks that BRETT could become a lot more valuable – by as much as 71% from its current price.
In a post on X, he said, “BRETT on Base presents a very good risk-to-reward ratio at the current levels because if BRETT rebounds, this memecoin could rise by 80% toward a new all-time high of $0.130! Meanwhile, the stop loss can be placed anywhere between $0.070 and $0.066, representing a 7% to 10% loss.”
$BRETT on #Base presents a very good risk-to-reward ratio at the current levels because if #BRETT rebounds, this #memecoin could rise by 80% toward a new all-time high of $0.130!Meanwhile, the stop loss can be placed anywhere between $0.070 and $0.066, representing a 7% to 10%… pic.twitter.com/rYjJ8p4QWH
— Ali (@ali_charts) April 4, 2024
Martinez sees indicators that suggest BRETT is about to climb back up after falling in price, which often means the coin’s value will rise afterward.
Currently, one BRETT is trading for $0.0760. This value shows a significant climb from when it first started being sold on February 29 at $0.000977 – a jump of 7,678%.
BRETT’s creators liken it to a character from Matt Furie’s ‘Boy's Club' comic, much like the famous PEPE meme.
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Why It Matters: This news comes as Base, Coinbase's layer-2 network, is witnessing a big increase in usage. More people using the Base system and contributing more money seems to be partly due to the popularity of memecoins like BRETT.
Data from DeFiLlama, a leading analytics service, show that Base’s total value locked has soared beyond $1 billion, landing at an impressive $1.202 billion as of April 3. Furthermore, the platform’s daily transaction count peaked at 2.34 million on April 2, marking a historical moment for the Base platform.
Photo by Furkan Cubuk on Shutterstock
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