Author: BTC_Chopsticks
“Degen gameplay” has always been a symbol of Solana. However, as the market gradually becomes saturated, the Base chain is gradually emerging and is expected to become a gathering place for a new generation of “Degen players”. In particular, the rise of some highly-watched tokens and AI Agent memes have 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 a Layer 2 solution based on Ethereum, featuring low transaction fees and more convenient on-chain operations. It allows millions of centralized exchange users to easily interact on the chain without creating wallets or backing up seed words. According to data, Base's total locked volume (TVL) has exceeded US$2.49 billion, and its daily trading volume has reached US$613 million. As of October 26, 2024, Base led all chains in daily stablecoin trading volume, reaching US$18.1 billion, accounting for 30% of the market share. It has not only attracted a large influx of users, but also firmly ranked 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 Base monthly active addresses has exceeded 22 million, accounting for more than 42% of the total active users of the EVM chain. This huge user base provides a solid foundation for the "Degen gameplay".
2. Meme culture on Base: the intersection of AI and Meme
The popularity of meme coins on Base began with the rapid rise of $GOAT, which reached a market cap of about $900 million in two weeks, driving expectations of a new "meme super cycle". Based on open source AI Agent meme coins, many projects (such as @virtuals_io) have created a unique trend of combining AI and meme coins on the Base chain. For example, $LUNA has a market cap of $178 million, $GAME has a market cap of $10.7 million, $CONVO has a market cap of $5.8 million, and $MISATO has a market cap of $2.5 million. These AI meme coins are expected to continue to grow in the coming months.
In the first half of 2024, AI became a hot narrative in the blockchain field, while the second half of the year was the golden age of meme culture. AI meme coins on the Base chain, such as $ai16z, attracted the attention of the market. Its virtual version of Marc Andreessen shared the vision and mission of the AI era in the form of DAO. Holders can participate in investment decisions within the a16z network, making the combination of AI and meme culture more attractive.
3. Community activity and FDV/holder ratio
In addition to the surge in capital flows and market capitalization, the community activity and FDV/holder ratio of the Base chain tokens have also become important indicators. For example, the market capitalization of $DEGEN tokens is $121 million, with nearly 800,000 holders; the market capitalization of $TOSHI tokens is $51.2 million, with over 460,000 holders; the market capitalization of $TOBY tokens is $13.9 million, with over 1 million holders. This healthy ratio of the number of holders to market capitalization indicates strong community support, further enhancing the token's upside potential.
It is worth mentioning that although the FDV holder ratio is not a common evaluation metric, it provides a useful reference in measuring community vitality and upside potential.
in conclusion
The potential of the meme culture on the Base chain, especially the "meme coin super cycle" that may be led in Q4 2024, has brought new opportunities and hot spots to the market. With the deepening combination of AI and meme coins, Base has become a new home for "Degen gameplay" that is more attractive than Solana. In future layouts, investors can pay attention to the community support and innovative narratives of these tokens, but they still need to act cautiously and do their own research (DYOR) to better grasp potential opportunities.
