The surge of Base tokens like Brett Basenji and Degen explained
Meme coins on the Base Blockchain experienced a significant surge in value on Wednesday, contributing to the overall rebound of cryptocurrencies. The largest token in the ecosystem, Brett, saw a remarkable increase of over 18%, resulting in a market cap of nearly $1.5 billion.
Another notable gainer on Wednesday morning was Basenji (BENJI), which more than doubled in value. Although Degen lagged behind, it still experienced a notable increase of 35%. These substantial gains can be attributed to the positive sentiment prevailing in the crypto universe, with Bitcoin reclaiming the $65,000 level. Generally, altcoins and Bitcoin exhibit a positive correlation.
One possible reason for the soaring value of these tokens is the thriving ecosystem of the Base Blockchain. Data reveals that the network’s total value locked (TVL) has rebounded to $1.45 billion, positioning it as the seventh-largest platform in the industry, following Ethereum, Solana, Tron, BSC, Arbitrum, and Blast.
Most decentralized applications (dApps) within the ecosystem observed inflows on Wednesday, with Uniswap, AAVE, and UNCX Network leading the way. Additionally, the network welcomed Morpho, a DeFi network with assets exceeding $1.8 billion.
Brett gained further recognition when its perpetual futures were listed on Kraken, one of the world’s largest exchanges. It is common for cryptocurrencies to experience a rally after being listed on prominent exchanges such as Kraken or Binance. Furthermore, Brett also secured a listing on CoinDCX, a leading Indian exchange. Consequently, it is reasonable to assume that Basenji and Degen will also be listed on these and other crypto exchanges.
Brett and Basenji are meme coins that aim to replicate the success of popular tokens on Ethereum and Solana. On the other hand, Degen is a blockchain network that rewards users for posting content. With over 465,000 holders and more than 6 million transactions processed, Degen has gained significant traction in the market.
