Among the memecoins built on the Base platform, the most notable one is BALD, which has experienced an impressive growth of over 20,000 times in the past day. The name BALD stands for “trọc đầu” (bald-headed), a term that the crypto community on Twitter uses to tease Brian Armstrong, the famous CEO of Coinbase exchange.
Although BALD was just created and its trading pool was opened on the DEX LeetSwap on the Base platform last weekend, the BALD/WETH trading pair has surged more than 30,000 times, becoming one of the top 5 high-liquidity swap pools on DEX Screener with a total value of 32 million USD. The diluted market capitalization of this memecoin reaches an impressive 70.3 million USD, though it has reduced to 54.3 million USD at present.
Apart from BALD, other memecoins like BASED have also seen a surge of up to 5,580 times, and OPTISM increased by 435 times.
Thanks to the boom of these memecoins, the number of transactions on the Base platform has significantly increased. Data from Dune Analytics shows that over 25,000 ETH (about 40 million USD) has been transferred to this network, with 9,800 ETH in the BALD/WETH trading pool on the decentralized exchange LeetSwap operating on Base. Furthermore, DEX Screener recorded over 276,000 transactions on July 30th alone.
However, it’s important to note that these memecoins are newly launched, which means there are considerable risks associated with investing in them, especially as the Base platform still lacks an official cross-chain bridge from Ethereum. Even the official Twitter account of BALD warns the community to be cautious during transactions and emphasizes that the current bridge is a one-way mainnet bridge on Base, meaning withdrawals are not yet supported.
Base is a Layer2 solution developed by the leading US cryptocurrency exchange, Coinbase. Recently, Base launched its mainnet version for developers on July 13th, but the network is not yet ready for widespread use due to the absence of an official bridge.