Base chain memecoins surge: Is Solana’s dominance under threat?

• Base was catching up to Solana in the memecoin market cap amid new launches.
• Base’s TVL nears $1.5 billion, lagging behind Solana’s $4.16 billion TVL.

Amidst the ongoing memecoin frenzy in the crypto sphere, one player that has garnered a lot of attention is the Ethereum [ETH] layer 2 blockchain, Base, incubated by Coinbase. 

Base vs. Solana

In fact, despite so many attention-grabbing memecoins launching on Solana [SOL] lately, such as Mother Iggy (MOTHER), Daddy Tate (TATE), and political-themed tokens like Joe Boden (BODEN) and Doland Tremp (TREMP), Base seems to be outperforming Solana in the memecoin mania. 

Following a market correction, several memecoins on Base are beginning to recover. This includes Brett (BRETT), Degen (Base) DEGEN, Basenji (BENJI), Higher (HIGHER), and many more. 

According to CoinGecko, the Solana memecoin market cap stands at $6.49 billion today, reflecting a 7.8% decrease over the past 24 hours. In contrast, the Base memecoin market cap was $2.14 billion, showing a 7.8% increase in the same period. 

Remarking on the same, Degen News noted,

Source: Degen News/X

BRETT vs. BONK analysis

To better understand this trend, AMBCrypto compared the market movements of two memecoins from both Solana and Base – BRETT and BONK.  It was found that BRETT was trading at $0.1491, showing a significant increase of 17.3% at the time of writing.

This bullish momentum was further confirmed by the Relative Strength Index (RSI), which was above the neutral level, indicating strong buying pressure.

Source: TradingView

On the other hand, BONK was trading at $0.00002137, after a modest increase of 3.4%. However, the RSI was well below the neutral level, indicating strong selling pressure.

Source: TradingView

The story doesn’t end here

AMBCrypto’s analysis of Santiment data revealed that BRETT’s social dominance declined in the past 24 hours, while BONK’s social dominance remained flat, showing no clear signs of increase or decrease.

Source: Santiment

Further supporting Base’s emerging dominance, DeFiLlama data indicated that its total value locked (TVL) was approaching an all-time high. At press time, its TVL was $1.5 billion, a significant rise from $391 million on 31st January.

However, Base still lags behind Solana, which boasts a TVL of $4.16 billion. 

In conclusion, while Base has shown remarkable resilience, it still trails behind the Solana network.