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Base Network Surpasses $1 Billion Daily Trading Volume on DEXs
Base, the Ethereum layer-2 scaling network incubated by crypto exchange Coinbase, achieved a remarkable milestone over the weekend. The network witnessed a daily record of $1.22 billion worth of trading volume at decentralized exchanges (DEXs) on Saturday. This surge in activity can be attributed to a fervent interest in meme coins, leading Base-native tokens like DEGEN and BRETT to reach market capitalizations exceeding half a billion dollars each.
The network also set a new record for unique daily wallets interacting with a DEX on Saturday, with 172,000 wallets engaging in transactions. This figure was nearly matched the following day, further cementing the network’s growing popularity.
Continued High Volume Despite Weekday Drop
Although decentralized exchange volume on Base slightly decreased as the new week began, it remained significantly higher than previous months. On Sunday, the volume totaled $965 million, with Monday already seeing $847 million worth of transactions. Notably, Saturday remains the only day thus far where Base DEX volume exceeded the billion-dollar mark.
Uniswap, the cross-chain decentralized exchange, has been a key contributor to Base’s trading volume surge. Accounting for a substantial portion of the trading activity, Uniswap processed $1.14 billion worth of transactions on the record-setting Saturday and has maintained around a 90% daily share of Base DEX volume in recent days.
Parabolic Surge in Transactions
Alex Svanevik, founder and CEO of crypto analytics platform Nansen, highlighted a “parabolic” surge in overall transactions on the Base network. Data from Nansen’s Base dashboard indicated an all-time high of nearly 2.39 million transactions on Friday. With the rise in volume and an influx of daily active users, Base is poised to become a prominent hub for meme coin trading within the Ethereum ecosystem.
Other meme coins have started migrating to Base, evident in the recent launch of a Base version of the HarryPotterObamaSonic10Inu token. While the price briefly spiked above $10 initially, it eventually stabilized in line with its Ethereum mainnet counterpart.
Traders have begun speculating about a potential “Base season” to rival the momentum seen on the Solana network. Solana has been the preferred platform for meme coins in recent months, with notable tokens reaching market capitalizations surpassing a billion dollars. The crypto community eagerly awaits to see if Base will provide a new avenue for traders to capitalize on meme coin opportunities.
It remains to be seen whether Base will dethrone Solana as the premier destination for meme coin enthusiasts. As the crypto market continues to evolve, only time will reveal the definitive answer.
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