- Two new meme tokens catapult on Coinbase’s native network.
- Base, an L2 for Optimism, dropped earlier this year on Ethereum.
- Memecoin trades flock to Base to trade newly emerged coins.
Base, the Layer-2 blockchain network released by Coinbase, is back in the crypto limelight for a rather unconventional reason. The memecoin craze has entered the Base L2 network with a bang. One memecoin paying tribute to Coinbase’s founder has instantaneously claimed a spot as one of the most watched cryptos of the day.
The Brian Armstrong-themed meme token $BALD scored a whopping 300,000% increase in 13 hours since the trade started. $BALD now trades at $0.0929 – an 83.7% increase in the last seven hours since its tracking was initiated by the independent crypto price data aggregator CoinGecko.
PEPE Whales Running the Base?
Even though PEPE was a big hit at the start of the year, Coinbase’s CEO Brian Armstrong was skeptical about including the memecoin in Coinbase’s ecosystem. Despite this, one of the biggest moves in the ongoing Base memecoin frenzy was conducted by a large PEPE whale, who owns nearly $5 million worth of the iconic frog’s token.
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The aforementioned crypto whale initially spent 500 Ethereum (ETH) to acquire 14.45 million $BALD then topping up their memecoin stash with another 28 million $BALD just nine hours later. According to live on-chain data, the mysterious PEPE whale is now the second-largest owner of $BALD, only falling behind the creator of the meme token.
Rugpuller Promises to Send Money Back
However, the gripping memecoin action on Base has a threatening downside. Crypto traders are buying and selling highly fluctuating coins, which have little to no utility. On top of that, the developers of such memecoins usually don’t bother providing a white paper, while the usual tokenomics are prone to price manipulation.
In another interesting turn of events, one developer invited to test Base had openly rugpulled his audience and penned an apology letter. In the awkward message, the developer explained that the fake presale funds would relieve his financial losses from another rugpull, with a bold promise to “send it back once I hit 5x.”
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As if that wasn’t enough, the rugpull initiator tagged 13 victims and reassured them, “you WILL get your ETH back. I Just need to multiply it.”
On the Flipside
- Currently, the emerging Base network is only available in mainnet mode for developers.
- Users should be onboarded to Base’s mainnet in August & builders are asked to “hold on publicly exposing their user-facing dApps.”
- In an official blog post, it was revealed that Base aims to onboard a billion users on-chain.
Why This Matters
Coinbase’s Layer-2 network aims to onboard over one billion users and compete with the most popular Layer-2’s, even though Base doesn’t intend to have its own token.
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