As the market gradually becomes saturated, the Base chain is emerging as a potential gathering place for the new generation of "Degen players."
Written by: BTC_Chopsticks
"Degen gameplay" has always been a symbol of Solana. However, as the market gradually becomes saturated, the Base chain is emerging as a potential gathering place for the new generation of "Degen players." In particular, the rise of some highly anticipated tokens and AI agents has added a new dimension to Base's potential. This article will analyze why the memes on the Base chain may lead the market in Q4 2024.
1. The Rise of Base: Why Choose Base?
Base is an Ethereum-based Layer 2 solution that highlights low transaction fees and more convenient on-chain operations. It allows millions of centralized exchange users to easily interact on-chain without the need to create wallets or back up seed phrases. According to data, Base's total value locked (TVL) has exceeded $2.49 billion, with daily trading volume reaching $613 million. On October 26, 2024, Base led all chains in daily stablecoin trading volume, reaching $18.1 billion and capturing 30% of the market share. It has not only attracted a large influx of users but also consistently ranks among the top five blockchains in TVL, following Ethereum, Tron, Solana, and BNB Chain.
According to the latest a16z "Crypto State Report" data, the number of monthly active addresses on Base has exceeded 22 million, accounting for over 42% of the total active users on EVM chains. This massive user base provides a solid foundation for "Degen gameplay."
2. Meme Culture on Base: The Intersection of AI and Memes
The popularity of meme coins on Base began with the rapid rise of $GOAT, which reached a market cap of approximately $900 million within two weeks, driving expectations for a new "meme coin super cycle." Based on open-source AI agent meme coins, many projects (such as @virtuals_io) have created unique trends combining AI and meme coins on the Base chain. For example, the market caps of $LUNA reached $178 million, $GAME reached $10.7 million, $CONVO reached $5.8 million, and $MISATO reached $2.5 million, with these AI meme coins expected to continue growing in the coming months.
In the first half of 2024, AI became a hot narrative in the blockchain space, while the second half is the golden period for meme culture. AI meme coins on the Base chain, such as $ai16z, have attracted market attention, with its virtual version of Marc Andreessen sharing the vision and mission of the AI era in the form of a DAO. Holders can participate in investment decisions within the a16z network, making the combination of AI and meme culture more appealing.
3. Community Activity and FDV/Holders Ratio
In addition to the surge in capital flow and market cap, the community activity and FDV/Holders ratio of meme coins on the Base chain have also become important indicators. For example, the market cap of the $DEGEN token is $121 million, with nearly 800,000 holders; the market cap of the $TOSHI token is $51.2 million, with over 460,000 holders; and the market cap of the $TOBY token is $13.9 million, with over 1 million holders. This healthy ratio of holder numbers to market cap indicates strong community support, further enhancing the tokens' potential for appreciation.
It is worth mentioning that while the FDV holders ratio is not a common evaluation metric, it provides useful reference in measuring community vitality and upside potential.
Conclusion
The potential of meme culture on the Base chain, especially the "meme coin super cycle" that may lead in Q4 2024, brings new opportunities and hotspots to the market. As the combination of AI and meme coins deepens, Base has become a more attractive new venue for "Degen gameplay" than Solana. In future investments, investors can focus on the community support and innovative narratives of these tokens, but should still proceed with caution and do their own research (DYOR) to better seize potential opportunities.
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