Is Meme Coin Hype Saturating Coinbase’s Base? Activity is Peaking!

Rapidly increasing meme coin activity on the Base network led to the dismissal of the Ethereum Layer 2 upgrade as “ineffective.”

Especially the meme coin frenzy on the Solana (SOL) network has also spread to the Base network developed by crypto exchange Coinbase. In recent days, the creation of thousands of different meme coins on the Base network has caused a surprising increase in transaction fees.

The intense interest has brought millions of transactions, but even the advantage of low transaction fees provided by the Ethereum Layer 2 upgrade like Base could not counter this. As a result, transaction fees on Base have exceeded even pre-Upgrade levels.

Meme coins like Benji, Toshi, and Basset produced on the Base network have shown tens of times increase in a short period of time, providing significant gains to investors who could seize the opportunity.

On-chain analyst Michael Silberling, commenting on the issue, stated that the main reason behind these high transaction fees is the large volume trades made through bots.

Investors who want to invest early in newly released meme coins to make much more profit, led to bloating of payments on the network by paying high transaction fees through bot systems.