Meme coins on the Base Blockchain experienced impressive growth on Wednesday as the cryptocurrency market rebounded. The ecosystem’s largest token, Brett, surged by more than 18%, pushing its market capitalization to nearly $1.5 billion.
Basenji (BENJI) also saw significant gains on Wednesday morning, more than doubling in value. Degen, although lagging behind, still saw a notable increase of 35%. These strong gains can be attributed to a more positive sentiment in the crypto universe, as Bitcoin reclaimed the $65,000 level. In most cases, altcoins and Bitcoin are positively correlated.
Another possible reason for the surge in these tokens is the thriving Base Blockchain ecosystem. Data shows that the network’s total value locked (TVL) rebounded to $1.45 billion, making it the seventh-largest platform in the industry, after Ethereum, Solana, Tron, BSC, Arbitrum, and Blast.
On Wednesday, most dApps in the ecosystem recorded inflows, with Uniswap, AAVE, and UNCX Network leading the way. The network also welcomed the addition of Morpho, a DeFi network with over $1.8 billion in assets.
Brett received further recognition as its perpetual futures were listed on Kraken, one of the world’s largest exchanges. It is common for cryptocurrencies to experience rallies after being listed by leading exchanges like Kraken or Binance. Brett was also listed by CoinDCX, a leading Indian exchange. Therefore, it is expected that Basenji and Degen will also be listed on these and other crypto exchanges.
Brett and Basenji are meme coins that aim to replicate the success of other popular tokens on Ethereum and Solana. On the other hand, Degen is a blockchain network that rewards users for posting content. It has over 465,000 holders and has facilitated over 6 million transactions.