Base TVL doubles in a month as pundits tip memecoins to drive adoption

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Bitget2024/03/25 06:17

By:Bitget

Ethereum layer-2 network Base’s total value locked (TVL) has doubled in less than a month, reaching $2.13 billion, while commentators say it could become the next epicenter for memecoins. Base notched $1 billion in TVL on Feb. 27, 226 days after its launch in August. However, the network managed to breach the $2 billion market just 25 days later on March 23, according to data from L2 Beat.

Base TVL doubles in a month as pundits tip memecoins to drive adoption image 0

Source: CoinTelegraph

USD Coin (USDC) is the largest token by natively minted value at $600 million, while Ether (ETH) is the largest token by canonically bridged value at $798 million. Some industry pundits believe that memecoins could drive the next wave of adoption on Base and potentially take some of the memecoin market share away from Solana, with Degen (DEGEN) and Base God (TYBG) being the largest Base memecoins with market caps of $143.4 million and $65.9 million. Normie (NORMIE), Briun Armstrung (BRIUN) and Brett (BRETT) are among the other Base memecoins that are being speculated on by traders.

Futures Market Updates

In the last 24 hours, Bitcoin and Ethereum saw a slight increase in the overall OI.

Bitcoin Futures Updates

Total BTC Open Interest: $35.16B (+3.96%)

BTC Volume (24H): $66.72B (+10.24%)

BTC Liquidations (24H): $16.02M (Long)/$41.48M (Short)

Long/Short Ratio: 51.68%/48.32%

Funding Rate: 0.0224%

Ether Futures Updates

Total ETH Open Interest: $13.01B (+2.60%)

ETH Volume (24H): $5.83B (-5.83%)

ETH Liquidations (24H): $19.36M (Long)/$23.58M (Short)

Long/Short Ratio: 50.62%/49.38%

Funding Rate: 0.0182%

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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