Base blockchain transactions have surged amidst a frenzy driven by meme coins, attracting the attention of crypto traders seeking profit opportunities. Developed by Coinbase on the OP Stack, the Base blockchain has witnessed a notable increase in activity, unique addresses, and locked funds. With direct accessibility from Coinbase, it’s becoming a primary choice for new retail users entering the crypto space.
The popularity of meme coins on the Base network has led to soaring gas fees and network congestion, exacerbated by trading bots. Transactional activity has tripled to over 1.5 million per day, while unique addresses have doubled to 65,000 wallets. Funds locked on the network have skyrocketed to nearly $1 billion from $450 million at the beginning of the month.
Tokens like Toshi (TOSHI), Thank You Base God (TYBG), Normie (NORMIE), and Brett (BRETT) have seen astonishing price surges, with some experiencing gains of up to 1,300% in the past week. Technical projects’ tokens, including Aerodrome’s AERO and Seamless’s SEAM, have also surged by as much as 90%. This frenzy has generated significant trading volumes, surpassing $1 billion collectively.
![BASE](https://editorial.fxstreet.com/miscelaneous/BASE-638470436283092714.png)
Locked value on Base. (DefiLlama)
The heightened activity has resulted in a surge in network fees, with Base collecting $1.8 million in fees over the past 24 hours. However, the influx of meme coin trading and trading bots has caused congestion and stuck transactions, leading to concerns about network stability. Despite these challenges, social sentiment surrounding Base has surged, with many traders advocating for a capital rotation towards the platform.