Base Crypto BRETT Challenges BONK for 6th Largest Meme Coin Spot

adminJune 11, 2024

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The Base network’s BRETT has exploded 348% over the past month, briefly upending BONK in the past 24 hours to become the sixth-largest meme coin by market capitalization.

BRETT reversed some gains after falling 9% to trade at $0.161 as of 2:37 a.m. ET. BRETT is currently the 7th largest meme coin with a market cap of $1.6 billion, about $100 million behind BONK. On June 9, it hit an all-time high of $0.193.

BRETT Meme Coin Overtakes BOME, TRUMP

The recent rally has seen it outperform popular meme coins, including Book of Meme (BOME) and MAGA (TRUMP).

BRETT was released in February 2024, depicting the character from Matt Furie’s “Boy’s Club” comics. Due to its humorous and relatable background, the Base token has risen in the rankings to become the largest cryptocurrency on Coinbase’s layer 2 network.

$BRETT 1 million 💪
Price +429%
Social Dominance +206%
Currently #1 LunarCrush AltRank pic.twitter.com/7GCTmLiJLP
— LunarCrush Social Intelligence (@LunarCrush) June 9, 2024

Some traders speculate that BRETT has the potential to outperform PEPE as usage of the Base network increases.

Base is now the second largest Ethereum Layer 2.

According to L2Beat, BRETT’s gains come as the Base network emerges as the second-largest Ethereum layer 2, with a total value pegged at $7.73 billion.

Base surpassed Optimism’s OP mainnet with a TVL of $7.09 billion. Arbitrum is the largest Ethereum scaling network with a TVL of $18 billion.

The Base network launched in August 2023. TVL is now almost 10 times more than the $742 million posted on January 1 this year.

Base’s rapid growth follows an outbreak of meme coin mania on the network, which sparked the rise of meme coins, including Degen (DEGEN) with a market capitalization of $191 million and Toshi (TOSHI) with a market capitalization of $168 million.

Base network presales are also on the rise, with one of the hottest new releases, Base Dawgz (DAWGZ), raising nearly $1 million in less than a week since its release. Some analysts say DAWGZ could be the next 100X token.