After Meme Summit Base Meme Coin officially enters second half of ecosystem development

Original Article:
Author: Wenser


On the early morning of June 7th, Base Meme online summit came to a close. As a small-scale Base ecosystem meme coin project exchange meeting, Jesse Pollak, the head of the Base protocol, issued a new call during the summit:
Calling for meme coin projects to lead more users into the Base ecosystem.
It is evident that meme coins are still a key focus of the Base ecosystem, and the current success can be attributed to the fact that Base is close to an $80 billion TVL and ranks second in TVL on L2 networks.
As Base approaches its one-year anniversary of the mainnet release, Odaily Planet Daily will provide a brief introduction and analysis of the Base Meme coin ecosystem in conjunction with the Base Meme Summit.
The history of the Base Meme coin: One person is an army
According to the latest data from Coingecko, the total market value of Base Meme coins is currently around $22.7 billion, accounting for approximately 25% of the total TVL of the Base ecosystem. Of course, this data has some margin of error because, firstly, the data only calculates the circulating market value of 64 Base ecosystem tokens, and nearly half of them have almost zero liquidity, leading to missing market value data. Secondly, this data does not include the numerous meme coin projects on the Base ecosystem, so it should be taken as a reference.
However, from this data, we can see that meme coins have become a major focus of the Base ecosystem, and this would not have been possible without the contributions and efforts of many key individuals.


Coingecko page information
Jesse Pollak: Driving Base ecosystem development single-handedly
If we were to name the biggest contributor to the development of the Base ecosystem to date, it would undoubtedly be the head, Jesse Pollak.
As one of the “Seven Key Figures of Coinbase” selected by Forbes, Jesse Pollak was originally just an engineer at this well-known exchange. However, his successful experience in building consumer products laid a solid foundation for him to lead the development of Base, Coinbase’s key L2 network.
In the article “Uncovering Coinbase’s Star Engineer Jesse Pollak: How was Base Chain Born?”, we can also understand that the birth and gradual implementation of Base were driven by Jesse’s efforts and continuous contributions:
In February 2023, the Base testnet was officially launched;
In August 2023, the Base mainnet was officially launched, and at the same time, Friend.tech became a popular SocialFi application that exploded the entire crypto world at that time;
In October 2023, the social protocol Farcaster was officially launched, creating protocol revenue for the Base ecosystem and becoming a strong growth point in the following months.
In March 2024, following the meme coin craze in the Solana ecosystem, the Base ecosystem also became a popular hub for meme coin projects due to its cost advantages.
Behind these key events, Jesse has always been the one waving the flag everywhere. His support for the Base ecosystem, including meme coins, NFTs, various on-chain applications, and crypto projects, is evident – he not only actively participates but also does everything possible to promote and support high-quality projects. As early as 2023, he was even scammed for buying a meme coin project and getting rug pulled. As the head of the Base protocol, he not only has the sharp instincts and logical thinking of an engineer but also has great personal charisma, speaks passionately, and firmly believes in the vision that “Onchain is the Next Online”.
It can be said that the development of the Base meme coin ecosystem is also deeply influenced by Jesse – focusing on community, advocating for creation, valuing equality, and fostering collaboration. Of course, he also understands the importance of meme coin projects, especially in terms of creativity and meme properties, so he once declared that when the Base ecosystem TVL exceeds $100 billion, he will go bald (inspired by the fact that Coinbase CEO Brain Armstrong is bald, “Bald” is a hot term in the Base ecosystem).
TYBG: Meme coins started by one person
In addition to Jesse, the meme coin project TYBG, which directly uses Coinbase CEO Brian Armstrong’s image as its symbol, also started as “one person is an army”.
At the Base Meme Summit, the person in charge of TYBG confessed that when the project started in December last year, he was the only one, and as the Base ecosystem gradually developed and prospered, the TYBG community gradually welcomed more members. The experience of being alone in the early stages of the project has also given him a lot of insights, feeling the unique charm of meme coin projects and the different development paths.
Looking at other well-known meme coin projects in the Base ecosystem, such as TOSHI, MOCHI, AYB, DEGEN, etc., these projects also started with a few people who trusted Coinbase, the Base ecosystem, and memes. It can be said that meme coins have provided many ordinary people with a stage to showcase their talents, find like-minded individuals, and unleash their creativity.
After half a year of development, Base ecosystem meme coins have experienced rapid growth in line with the unique rhythm of the cryptocurrency industry. The development landscape has changed significantly compared to the lack of interest in the previous year.
New pattern of Base Meme coins: One dominant, many strong, and flourishing everywhere
If in the past, the standout players in the Base ecosystem meme coin projects were relatively limited, after about three months of “rough seas”, the current Base Meme coin landscape has entered the stage of “one dominant, many strong, and flourishing everywhere”.
In the previous article “TVL Surged by $10 Billion in 5 Days, Uncovering the Wealth Opportunity of Top Projects in the Base Ecosystem”, we mentioned some top and popular projects. Currently, BRETT’s market value has exceeded $1 billion, marking the “period of maturity for meme coins”. Other projects such as DEGEN, TYBG, TOSHI have gradually stabilized, while NORMIE, due to a flash loan attack, has seen its market value close to zero. Despite recently releasing a new token and issuing refunds, its momentum is not as strong as before. Here is an introduction to the main projects:


Base Meme Coin Market Value Ranking
Dominant meme: BRETT
As mentioned earlier, the inspiration for this meme comes from one of the four characters in Matt Furie’s famous comic series “Boys Club” and is friends with the famous meme figure Pepe. Today, two months later, BRETT’s market value has approached $1.4 billion, with a price of $0.1748, ranking 69th in market value, with a 24-hour increase of 28.6%.
It must be said that the power of Pepe-related meme coins is terrifying, and the concept of a “Pepe friend” has firmly established itself as the leading figure in the Base ecosystem meme coin arena.
Many strong: DEGEN, TOSHI, KEYCAT, MFER, TYBG, MOCHI
The remaining meme projects that have entered a stable development phase are mainly Farcaster ecosystem tokens DEGEN, cat-themed meme coins TOSHI, KEYCAT, MOCHI, and MFER (Mfercoin) issued by NFT artist Sartoshi.
DEGEN has a total supply of 37 billion tokens, with a current circulating supply of around 12.4 billion tokens, a price of $0.022, a circulating market value of $280 million, a total market value of $830 million, and a 24-hour decrease of about 8.2%;
TOSHI has a total supply of 4206.9 billion tokens, all of which are currently in circulation, with a price of $0.0005, a circulating market value (total market value) of $216 million, and a 24-hour increase of 19.8%;
KEYCAT has a total supply of 10 billion tokens, all of which are currently in circulation, with a price of $0.006, a circulating market value (total market value) of $63 million, and a 24-hour decrease of 0.7%;
MFER has a total supply of 1 billion tokens, all of which are currently in circulation, with a price of $0.046, a circulating market value (total market value) of $46 million, and a 24-hour decrease of 10.7%;
TYBG has a total supply of 125 billion tokens, with 20 billion tokens burned, a total circulating supply of 123 billion tokens, a price of $0.00025, a total market value of $31 million, and a 24-hour increase of 4.9%;
MOCHI has a total supply of 10,000 billion tokens, all of which are currently in circulation, with a price of $0.000029, a circulating market value (total market value) of $29 million, and a 24-hour decrease of 12.2%.
Flourishing: DOGINME, HIGHER, CHOMP
At the Base Meme Summit, in addition to the well-known meme coin projects, a group of new meme coin projects in the Base ecosystem have also taken to the stage as “sponsors + questioners”.
Among them, DOGINME, a “sports + ecosystem meme” project, currently ranks high with a market value of $28 million; HIGHER has gained recognition throughout the entire Base ecosystem, with Jesse himself advocating for it multiple times, hoping that the Base ecosystem and various projects within it can go “Higher and Higher”, currently with a market value of $27 million; CHOMP is a cartoon dog-themed meme coin project, currently ranking 994th in the cryptocurrency market with a market value of $26 million.
Of course, there are many potential meme coin projects emerging on the Base chain every moment, such as the recent MOTHER token in the Solana ecosystem gradually becoming one of the phenomenal meme coins, with the Base ecosystem’s namesake meme coin also surging. Details can be found on platforms like Dexscreener for Base chain token interfaces to discover the next potential golden dog.


List of question projects at the Base Meme Summit
Development of Base Meme coins: Whoever holds the community holds the future
At the Base Meme Summit that ended at 2 a.m. today, personnel from several relatively mature meme projects answered questions and discussed topics related to the development of Base Meme coins and more. After watching the entire meme summit, one impression that I got is that meme coins are gradually becoming the “entrepreneurial experimental field” of the new generation of young people.
Meme coins are the “Internet applications of the new era”
Different from the “Internet wave” led by traditional internet tech companies, with the development of the cryptocurrency industry and the gradual penetration and deepening influence of cryptocurrencies on society, the Web3 industry, which includes multiple subfields such as DeFi, SocialFi, GameFi, NFTs, DAOs, Infra, public chains, L2, BTC ecosystem, AI, DePIN, RWA, etc., has gradually become a new “entrepreneurial battlefield”.
Meme coin projects may be the most attractive choice for young people, whether you are a newcomer to the cryptocurrency industry or an experienced “old hodler”. You can buy a meme coin, join community building, or experience the ups and downs of price movements. You can also start your own “meme coin entrepreneurial project” based on some fun and interesting memes or symbols you are interested in – creating a successful meme coin project and becoming a “meme coin entrepreneur” may become an important role in leading social and cultural trends, similar to rock musicians, rappers, and literary authors in the past.
Of course, as the person in charge of the TYBG project mentioned at the summit, before starting a project, whether it’s a meme coin or anything else, it’s best to talk to a lawyer to avoid unintentionally violating laws and regulations in certain areas.
Meme coin success guide: Attention economy, content-driven, and community is king
At the Base Meme Summit, discussions on topics such as the issuance of meme coins, project development, and leading more people into the “on-chain world” sparked many discussions. In summary, the focus is on three keywords:
Attention economy: This is a natural attribute of meme coins and an essential part of project operation. The entire cryptocurrency industry is the same, but with the power of memes, meme coins can achieve a broader range of dissemination and promotion, achieving a leveraged effect of “a small force moving a large weight”.
Content-driven: This is also a shared experience and insight of many project practitioners, including MOCHI, AYB, DEGEN, TYBG, etc., and is a key aspect that meme coin projects must address based on the premise of the attention economy. Because only projects that can produce creative content and interesting and fun content can attract more attention and further facilitate virality and diffusion, thereby attracting more builders and holders for project development. Jack from the DEGEN community believes that meme coin projects should learn from successful consumer apps like TikTok and Instagram in terms of content dissemination to help their projects grow.
Community is king: The development process of the Base ecosystem and many meme coins is a perfect example of this point. Only projects that value community can secure a place in the market. Of course, this also involves the issue of “expectation management” mentioned by Coco from MOCHI in her sharing. “When the token price rises, people are happy; when the token price falls, people are unhappy, even angry,” which puts the project team and community leaders to the test in effectively managing community expectations. Knowing when to share what news is crucial for many Web3 projects, including meme coins.
Conclusion: Besides price and community, what else should we look at for Base Meme coins?
In addition to price and community, there is another significant factor influencing Base ecosystem meme coins, which is Coinbase. This is both a much-anticipated “positive news” for many people and a sought-after “hope” for many. It is worth noting that Aerodrome, the leading DEX project in the Base ecosystem, was once influenced by a series of operations, such as Coinbase listing its native token AERO and Coinbase Ventures leading the Base ecosystem fund investment in Aerodrome. The token price once surged to around $2, nearly 50 times higher than its low point.
Therefore, after BRETT’s market value exceeded $1 billion, the next “crown” that many Base ecosystem meme coin projects are vying to achieve may be “listed on Coinbase”. After the Base Meme Summit, the meme coins in the Base ecosystem may also enter the second half – collectively building a “Onchain Society” that embraces the great vision of “leading 1 billion users into the on-chain world”. The realization of this vision undoubtedly relies on the support of one unique and distinctive meme coin project after another.


Source:
Interpreting Based Memes and Based Institute: Where is the future of the Base ecosystem?