Base Network Sees 60% Transaction Surge, Beats Arbitrum

• Base Network transactions surged over 60% in 30 days, reaching 3.5 million daily.
• Market cap of meme tokens on Base now at $54.7 billion.
• dogwifhat (WIF) listed on Robinhood, Binance; up 10.47% in a week.

Base Network, a Layer 2 scaling solution on the Ethereum blockchain developed by Coinbase, has recently surpassed Arbitrum in daily transaction counts, marking a significant shift in usage dynamics among Ethereum’s secondary layers. This development comes after months of competitive performance, with Base achieving a dramatic increase in transaction activity over the last month.

According to data from on-chain analyst Leon Waidmann, Base has seen its transactions soar by more than 60% in the past 30 days, reaching upwards of 3.5 million transactions daily. Meanwhile, Arbitrum’s transaction count has hovered around 2 million per day, registering a 22.3% increase in the same timeframe.

Factors Driving Base’s Growth

This surge in Base’s usage can be largely attributed to the burgeoning popularity of memecoins within its ecosystem. Notable increases in the adoption and valuation of memecoins have been critical drivers. For instance, the market capitalization of top meme tokens on Base now stands at approximately $54.7 billion. The enthusiasm around these assets has attracted significant attention from major hedge funds and investment platforms, further bolstering Base’s market position.

Among the standout tokens, Solana-based dogwifhat (WIF) has seen remarkable growth. Since gaining traction in late 2023, WIF has been listed on prominent exchanges like Robinhood and Binance, and it recently reported a 10.47% price increase in the last seven days.

Such trends have underscored Base’s appeal to traders and investors, enhancing its stature among Ethereum’s Layer 2 solutions.

The shifts in the landscape of Ethereum’s Layer 2 solutions underscore a dynamic and evolving market where user preferences and technological enhancements play pivotal roles. Base Network’s recent performance is a testament to its growing influence and strategic position within this competitive arena.

Read Also:

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• Ethereum’s Base Surges Past $8 Billion TVL, Overtakes OP Mainnet
• 5 Base Chain Altcoins Poised for Meteoric 100x Growth in 2024
• Unveiling the 100x Potential: 5 Base Chain Altcoins Ready to Soar in 2024
• Coinbase’s Base L2 Network Roadmap: No Token Issuance

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