Author: Wenser, Odaily Planet Daily
In the early hours of June 7th, Beijing time, the Base Meme online summit came to a close. As a small-scale Base ecosystem meme coin project exchange meeting, Jesse Pollak, the head of the Base protocol, made a new call at the summit: calling for a meme coin project to lead 10,000 new users into the Base ecosystem. It can be seen that meme coins are still a key focus of the Base ecosystem. Currently, Base's close to $8 billion TVL and its stable ranking as the second in TVL on the L2 network are also due to this achievement.
As Base is about to celebrate its first anniversary of the mainnet launch, Odaily Planet Daily will provide a brief introduction and analysis of the Base Meme coin ecosystem in conjunction with the Base Meme summit.
Base Meme Coin's Origin Story: One Person is a Whole Army
According to the latest data from Coingecko, the overall market value of Base Meme coins is currently around $22.7 billion, accounting for approximately 25% of the total TVL of the Base ecosystem. Of course, this data has a certain margin of error. Firstly, the data only calculates the circulating market value of 64 Base ecosystem tokens, and nearly half of these projects have almost zero liquidity, resulting in missing market value data. Secondly, this data does not include the successive meme coin projects on the Base ecosystem, so it should be used for reference only.
However, from this data, we can also see that meme coins have become a major focus of the Base ecosystem, which is inseparable from the contributions and construction of many key figures.
Jesse Pollak: Driving the Base Ecosystem Development Single-handedly
If we were to say who the biggest contributor to the development of the Base ecosystem is, it would undoubtedly be Jesse Pollak, the head of Base.
As one of the "Seven Key Figures of Coinbase" selected by Forbes, Jesse Pollak was originally just an engineer at this well-known exchange. However, the success he accumulated in building consumer products laid a solid foundation for him to take over Base, a key L2 network under Coinbase.
In the article "Uncovering the Birth of Coinbase Star Engineer Jesse Pollak: How was the Base Chain Born?" we can also understand that the birth and gradual implementation of Base are inseparable from Jesse's promotion and continuous contributions:
In February 2023, the Base testnet was officially launched;
In August 2023, the Base mainnet was officially launched, and at the same time, Friend.tech became the hot SocialFi application that ignited the entire crypto world at that time;
In October 2023, the social protocol Farcaster was officially launched, and it began to generate protocol revenue for the Base ecosystem, becoming a strong growth point for the Base ecosystem in the following months.
In March 2024, following the Meme coin craze in the Solana ecosystem, the Base ecosystem also became a popular venue for Meme coin projects due to its low cost advantage.
Behind these key events, Jesse has always been the one waving the flag everywhere. His support for the Base ecosystem, including Meme coins, NFTs, and various on-chain applications and crypto projects, is evident. He not only personally participates, but also does his best to promote and support high-quality projects. As early as 2023, he was even rug-pulled due to buying a Meme coin project. As the head of the Base protocol, he not only has the sharp sense and logical thinking of an engineer, but also has great personal charm, speaks passionately, and firmly believes in the vision of "Onchain is the Next Online".
It can be said that the development of the Base Meme coin ecosystem is also deeply influenced by Jesse—emphasizing community, calling for creation, valuing equality, and unity and cooperation. Of course, he also understands the importance of meme coin projects, especially their ability to create fun and meme attributes. Therefore, he once declared, "When the Base ecosystem TVL exceeds $10 billion, I will go bald" (influenced by the fact that Coinbase CEO Brian Armstrong is bald, "Bald" is a "hot topic" in the Base ecosystem).
TYBG: A Meme Coin that Started with One Person
In addition to Jesse, the Meme coin project TYBG, which directly uses Coinbase CEO Brian Armstrong's image as its symbol, also started as "one person is a whole army".
At the Base Meme Summit, the person in charge of TYBG admitted that when the project started in December last year, there was only him. With the gradual development and prosperity of the Base ecosystem, the TYBG community gradually welcomed more members. The experience of being alone in the early stages of the project has also given him a lot, and he has felt the unique charm of Meme coin projects and the different development paths from his own experience.
Looking at other well-known Meme coin projects in the Base ecosystem, such as TOSHI, MOCHI, AYB, and DEGEN, these projects also started because of the trust of a very small number of people in Coinbase, the Base ecosystem, and Meme. It can be said that Meme coins have given many ordinary people a stage to display their talents, find like-minded people, and unleash their creativity.
After half a year of development, the Base ecosystem Meme coins have rapidly grown at the unique pace of the cryptocurrency industry, and their development pattern is completely different from the state of neglect last year.
New Pattern of Base Meme Coins: One Dominant and Many Strong Ones + Blossoming Everywhere
If the outstanding players of the Base ecosystem Meme coin projects were relatively limited in the past, after about three months of "sifting through the sands", the current pattern of Base Meme coins has entered the stage of "one dominant and many strong ones + blossoming everywhere".
We previously mentioned some top and popular projects. Currently, BRETT's market value has exceeded $1 billion and has entered the "period of maturity for Meme coins". Other projects such as DEGEN, TYBG, and TOSHI have gradually stabilized their market values, while NORMIE, due to a flash loan attack, has a market value close to zero. Although it recently released a new token and issued refunds, its momentum is not as strong as before. Below are the main project information introductions:
Market value ranking of Base Meme coins
As mentioned earlier, the inspiration for this meme comes from one of the four characters in Matt Furie's famous "Boy's Club" comic series, who is friends with the well-known meme figure Pepe. Today, two months later, the market value of BRETT has reached nearly $1.4 billion, with a price of $0.1748 and a ranking of 69th in market value, with a 24-hour increase of 28.6%.
It has to be said that the power of Pepe-related meme coins is terrifying, and the concept of "Pepe friends" has firmly established itself as the leader in the Base ecosystem meme coin space.
Many Strong Ones: DEGEN, TOSHI, KEYCAT, MFER, TYBG, MOCHI
The remaining meme projects that have gradually entered a stable development phase are mainly the Farcaster ecosystem tokens DEGEN, the cat-themed meme coins TOSHI, KEYCAT, MOCHI, and the MFER (Mfercoin) issued by NFT artist Sartoshi.
DEGEN has a total supply of 37 billion, with a circulating supply of around 12.4 billion, a price of $0.022, a circulating market value of $280 million, and a total market value of $830 million, with a 24-hour decrease of about 8.2%;
TOSHI has a total supply of 420.69 billion, all of which are currently in circulation, with a price of $0.0005, a circulating market value (total market value) of $216 million, and a 24-hour increase of 19.8%;
KEYCAT has a total supply of 10 billion, all of which are currently in circulation, with a price of $0.006, a circulating market value (total market value) of $63 million, and a 24-hour decrease of 0.7%;
MFER has a total supply of 1 billion, all of which are currently in circulation, with a price of $0.046, a circulating market value (total market value) of $46 million, and a 24-hour decrease of 10.7%;
TYBG has a total supply of 125 billion, with 20 billion already burned, a circulating supply of 123 billion, a price of $0.00025, a total market value of $31 million, and a 24-hour increase of 4.9%;
MOCHI has a total supply of 1000 billion, all of which are currently in circulation, with a price of $0.000029, a circulating market value (total market value) of $29 million, and a 24-hour decrease of 12.2%.
Blossoming Everywhere: DOGINME, HIGHER, CHOMP
At the Base Meme Summit, in addition to the already famous meme coin projects, a group of new meme coin projects in the Base ecosystem also took the stage as "sponsors + questioners".
Among them, DOGINME, as a "sports + ecosystem-type meme" project, currently has a market value of $28 million, ranking at the forefront; HIGHER has gained recognition throughout the entire Base ecosystem, with Jesse himself calling for it multiple times, hoping that the Base ecosystem and its projects can go "Higher and Higher", currently with a market value of $27 million; CHOMP is a cartoon dog-themed meme coin project, currently with a market value of $26 million, ranking 994th in the cryptocurrency market.
Of course, there are many potential meme coin projects emerging on the Base chain at all times. For example, the recent token MOTHER in the Solana ecosystem has gradually become one of the phenomenal meme coins, and the namesake meme coin in the Base ecosystem is also surging. For details, please refer to the Base chain token interface on platforms like Dexscreener to discover the next potential "golden dog".
List of sponsored projects at the Base Meme Summit
Development of Base Meme Coins: Whoever Holds the Community Holds the Future
At the Base Meme Summit that ended at 2 a.m. today, personnel from several relatively mature meme projects discussed topics related to the development of Base Meme coins. After watching the entire Meme Summit, one of my feelings is: Meme coins are gradually becoming the "entrepreneurial experimental field" for the new generation of young people.
Meme Coins are the "Internet Applications" of the New Era
Different from the "Internet wave" led by traditional internet technology companies, with the development of the cryptocurrency industry and the gradual penetration and deepening influence of cryptocurrencies on society as a whole, the Web3 industry, which includes multiple subfields such as DeFi, SocialFi, GameFi, NFT, DAO, Infra, public chains, L2, BTC ecosystem, AI, DePIN, RWA, etc., has gradually become a new "entrepreneurial battlefield".
Meme coin projects may be the most attractive choice for young people. Whether you are a newcomer to the cryptocurrency industry or an experienced "old hand", you can buy a meme coin, join community building, or experience the ups and downs of prices. You can also start your own "meme coin entrepreneurial project" based on some fun and interesting memes or symbols that interest you. Building a successful meme coin project and becoming a "meme coin entrepreneur" may become an important role leading social and cultural trends, similar to rock musicians, rappers, and literary writers in the past.
Of course, as the person in charge of the TYBG project mentioned at the summit, before starting a project, whether it's a meme coin or something else, it's best to talk to a lawyer to avoid inadvertently violating laws and regulations in certain areas.
Meme Coin Success Guide: Attention Economy, Content-Driven, and Community is King
At the Base Meme Summit, discussions about the issuance methods of meme coins, project development, and leading more people into the "online world" have sparked a lot of discussion. In summary, the focus is on three key words:
Attention Economy: This is a natural attribute of meme coins and an essential part of project operation. The entire cryptocurrency industry operates in a similar way, but with the power of meme propagation, meme coins can achieve a wider range of dissemination and promotion, resulting in a leveraged effect of "lifting a thousand catties with four ounces".
Content-Driven: This is also a firsthand experience and insight shared by many project practitioners, including MOCHI, AYB, DEGEN, and TYBG. It is also an essential aspect for meme coin projects based on the premise of attention economy. Only projects that can produce creative and interesting content can attract more attention and further viral dissemination, thereby finding more builders and holders for the project. Jack from the DEGEN community believes that meme coin projects should learn from successful consumer applications like TikTok and Instagram in terms of content dissemination to help their projects grow.
Community is King: The development of the Base ecosystem and many meme coins is a great example of this. Only projects that value their community can have a place in the market. Of course, this also involves the issue of "expectation management" mentioned by Coco from MOCHI. Effective management of community expectations is crucial for project teams and community managers, especially when token prices fluctuate. Knowing when to communicate certain messages is important for many Web3 projects, including meme coins.
Conclusion: What Else to Look for in Base Meme Coins Besides Price and Community?
In addition to price and community, another significant factor for Base ecosystem meme coins is Coinbase. This is both a highly anticipated "positive development" for many and a long-awaited "hope".
As the leading DEX project in the Base ecosystem, Aerodrome was previously influenced by a series of operations, including the listing of its native token AERO on Coinbase and investment from the Base ecosystem fund led by Coinbase Ventures. This caused the token price to surge to around $2, nearly 50 times higher than its low point.
Therefore, after BRETT's market value surpassed $1 billion, the next "crown" that Base ecosystem meme coins are eager to achieve may be the achievement of "listing on Coinbase".
After the Base Meme Summit, the meme coins in the Base ecosystem may enter the second half, collectively building towards the great vision of "Onchain Society" that embraces the goal of leading 1 billion users into the online world. The realization of this vision undoubtedly depends on the support of unique and distinctive meme coin projects.
From: Deciphering Based Memes and Based Institute: Where is the future of the Base ecosystem?
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