Base Network Rakes in the Fees For Meme Season

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Last Updated on September 3, 2023 by Bitfinsider

According to CoinGecko research, Base was the fastest layer-2 network to reach 1 million addresses, doing so in just 11 days.

People are flocking to try their hand at run-of-the-mill crypto degeneracy, from meme coins to Twitter knockoffs. This summer, tokens such as BALD, COIN, and BASED dominated the network.

BASED, for example, had a market valuation of $291 million after less than a day. BALD—presumably named after Brian Armstrong’s bald noggin—rose more nearly 3,000% on July 31 before developers behind the project rugged liquidity.

Then there was, a tokenized version of Twitter that enticed both OnlyFans creators and crypto degenerates.

These crypto-native activities are also generating significant revenue for Base. Since its inception, the network has generated $4.9 million in total income.

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