Original Title: "Can Base Challenge Solana’s Memecoin Dominance？"

Author: David C

Translation: Kate, 火星财经

Solana Dominates the Meme Coin Scene… for Now.

So far, Solana's resurgence has been the story of this cycle, with the network's rise driven by technological advancements, lucrative airdrops, and support for the most notable meme coins.

Meme coins have evolved from a frivolous, short-lived asset category into a forward-looking alternative to replace tokens with low liquidity and high FDV that lack sufficient retail upside.

Today, most meme coin activity is happening on Solana, although activity is continuing to migrate to ETH L2s like Arbitrum and Base. Base has been particularly lively recently. While the Coinbase-incubated L2 does have the potential to become a meme hub, Solana's activity continues to dominate and remain within its ecosystem. Can Base compete with Solana on the meme coin stage?

In this article, we will examine the current status of these platforms, their capital flows, and key projects to assess the reasons for Solana's dominance in meme coin capital and compare it with Base.

Solana Meme Coin Scene

A key factor in Solana's rise to stardom in this cycle has been its meme coin activity.

Driven by the surge in internal funding from airdrops like Jito, Jupiter, Kamino, Parcl, and Tensor, the market cap of meme coins reached $1 billion within a week, an astounding achievement and an excellent marketing campaign, with the chain's TVL now exceeding $4.8 billion.

Solana's narrative momentum is largely attributed to the meme coin frenzy, evident in the activity on the popular meme coin launcher pump.fun, which at times accounted for 83% of all tokens issued and even surpassed Solana in 24-hour revenue. However, this success would not have been possible without such a strong meme coin arena on the network, including major role tokens like WIF, BONK, and BODEN.

• Dogwifhat (ticker: WIF; market cap: $3.3 billion) is an adorable Shiba Inu wearing a knitted hat, and it has become Solana's mascot due to its memorability, widespread promotion by Crypto Twitter celebrities, and the loyalty it has generated as your token surged from a $10,000 market cap to billions.

• Jeo Boden (ticker: Boden; market cap: $194 million), featuring U.S. President Joe Biden, sparked a political storm and also called Solana home. It brought in 1000x returns in the first week, a performance undoubtedly tied to the SOL meme coin scene.

• Bonk (ticker: Bonk; market cap: $26.5 billion) is Solana's OG meme coin. It is a Shiba Inu from December 2022 that saw incredible price action last fall and kicked off the meme frenzy for the chain.

Overall, Solana not only has the most famous meme coins in this cycle but also a range of thematic tokens, from dogs and cats to politicians.

Base Meme Coin Scene

Base has quickly risen to become one of Ethereum's top L2s, and its meme coin ecosystem has helped it gain a reputation for being consumer-friendly.

Projects like DEGEN and friend.tech have brought sustained activity to the network and established a culture for Base as a social hub. However, while the network's TVL saw an epic rebound in March, it seems to have stalled in recent weeks. Although Base's TVL is far behind Solana's, its daily trading volume is impressive. Last week, the network's daily trading volume reached a record $854 million.

Blue represents TVL, green represents trading volume

While the BALD rug of 2023 may have left a sour taste for meme coin gamblers, the ecosystem has developed more momentum in the recent meme coin cycle, although it remains the wild west.

• Brett (ticker: BRETT; market cap: $440 million) is a token inspired by a character from Matt Furie's comic "Boy's Club," based on Pepe creator Matt Furie. While niche may be good, it can also reduce the audience and thus the demand for the token.

• Toshi the Cat (ticker: TOSHI; market cap: $146 million), named after Brian Armstrong's cat and Bitcoin creator Satoshi Nakamoto, is Base's leading pet-inspired meme coin.

https://x.com/BasedBrett/status/1785151748358979891

Traders show loyalty to chains that help them accumulate wealth. While SOL traders can buy tokens with a small fraction of its current market cap, Base still lacks a native token due to regulatory scrutiny, which could assume relatively limited retail upside for retail traders if/when it has one. Unlike the Solana community, Base has hardly conducted any milestone ecosystem airdrops.

While Base has a unique meme coin community, it lacks broader appeal in ecosystems like Solana; instead, it caters more to the needs of native cryptocurrency users. This uniqueness sets Base apart, but its narrow thematic scope may limit its success as a major meme hub.

Although Base has been able to establish early memes using its cheaper and faster transactions, the most powerful meme communities on Ethereum still primarily exist on the mainnet. Solana has the momentum and a more prominent narrative in this cycle, and while Base remains one of the more active L2 ecosystems, it still has a lot of ground to cover in the meme coin space.

Conclusion

When it comes to meme coins, Solana and Base exist on different levels.

Solana has solidified its position through a diverse and thriving meme ecosystem, driven by a large number of airdrops and strong community support. In contrast, while Base's growth is impressive and backed by Coinbase, it has not yet reached the same mainstream appeal and capital creation level required for meme coins in the degen environment.

Solana's sustained growth, as evidenced by its TVL growth and daily trading volume, highlights its position at the center stage of this cycle. It would be interesting to see if Base can cultivate an outstanding meme coin that sets it apart within and outside the Ethereum ecosystem as the meme coin space evolves.

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