Benzinga - With crypto booming in 2024, it is not surprising that meme coins have been a huge part of the craze. Older meme coins, such as Dogecoin (DOGE) and Shiba Inu (SHIB) have performed well and led the way, while a host of new meme coins have risen the ranks and are continuing to perform well.
A solid portion of the newest meme coins are coming from the Solana chain. These tokens, such as dogwifhat (WIF), Bonk (BONK) and Book of Meme (BOME) were created recently and have seen huge gains. For example, BOME went from a market cap of $4 million to nearly $1.5 billion within 72 hours of launch.
Don't Miss:
- If you invested $100 in DOGE when Elon Musk first tweeted about it in 2019, here’s how much you’d have today.
- About 22% of the adult population in the U.S. owns a share of Bitcoin — how much would $10 get you today?
These tokens have also been a huge catalyst for Solana (SOL). The project has seen a strong resurgence since late 2022, following the collapse of FTX Trading Ltd. A sizable amount of this revival could be attributed to memes and the volume that they have brought to the token and chain.
These new meme coins have made multimillionaires overnight, causing many to start searching for the next meme coin that could potentially hit it big. Fortunately, Coinbase's Layer-2 solution, called Base, could provide the groundwork for another meme coin wave.
Base launched in summer 2023 and is a Layer-2 scaling solution for Ethereum. This means that it provides a scalable and easy-to-use development environment for the Ethereum chain. For meme coins, this allows users to create new tokens easily and gives them access to a wide variety of buyers and volume through Coinbase's platform.
Though Base is still picking up steam, it has already become a feeding frenzy for meme coins. Fifteen out of the top 20 tokens that use the Base platform are meme coins, according to blockchain aggregation tool Dexscreener.
Trending: Bitcoin to $100,000? Here’s what gold bug Peter Schiff said could happen on Anthony Pompliano’s podcast.
Some of these tokens are also performing extremely well. For example, Roost on Base (ROOST) began trading on the morning of March 22 for $0.00034. By noon, the price was well above $0.07, creating gains of over 20,000%. To put this into perspective, an investment of $1,000 when the token began trading would have been worth over $200,000.
ROOST is not an isolated incident. Other tokens, such as Based Chad (BASED), Pepebutblue (PBB), BoolRan (BOOL) and more than 20 other tokens are up more than 500% in the last 24 hours.
Base has provided users with an open-source development solution, allowing virtually anyone to release their own meme coin and have access to the more than $500 million in volume that the Layer 2 supports. The already-established prevalence of meme coins has inevitably brought meme coin degeneracy to peak heights.
Read Next:
- Bitcoin has jumped another 45% already this year — how much would you need to get started today?
- The last-standing top crypto exchange without a major security breach offers what now?
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.