The memecoin phenomenon has entered the second layer of the blockchain, moving from the Solana (SOL) ecosystem to the L2 Base platform. Over the past 24 hours, the market value of these “meme” coins has increased by more than 217%.

Experts say Base could become the new center of attention around memcoins.

Traders are attracted to memcoins on Base

According to CoinGecko, the total capitalization of “meme” coins on Base has grown by 217% over the past 24 hours, reaching $564 million. Over the past seven days, the fastest growing tokens have been Degen (DEGEN), Base God (TYBG) and Toshi (TOSHI), rising 260%, 91% and 66% respectively.

At the same time, the capitalization of memcoins based on Solana exceeded $6 billion. The main “meme” coins here include dogwifhat (WIF), Bonk (BONK) and Book of Meme (BOOM). The latest hype around the network's tokens has pushed the SOL price above $200 for the first time since 2021.

Some analysts expect the gap between memcoins on Solana and Base to narrow significantly soon.

"We've seen the crazy rise of memcoins on Solana recently. Early and attentive traders were able to make thousands and even millions of dollars. Now attention is turning to memcoins on Base, where a new surge is possible," says a decentralized finance (DeFi) expert who goes by the name .

Cryptocurrency exchange Coinbase, which works on Base, is currently developing a new wallet that will allow centralized exchange exchange (CEX) users to trade on the L2 network without seed phrases and private keys. This is generating significant investor interest in a second-tier solution.

TVL Base exceeds $2 billion

At the time of writing, Base's total value locked (TVL) is $2.25 billion, according to L2Beat. Over the past 24 hours, this figure has increased by 48%.

It is noticeable that it took more than six months for the second layer network to reach the $1 billion mark, while the L2 solution reached the $2 billion mark in just 25 days.

In terms of the volume of blocked funds, Base ranks fourth among the largest networks based on Ethereum (ETH), ahead of the Arbitrum One, OP Mainnet and Blast projects.

The Base network also benefited from the latest mainnet update, Dencun. As a result of the upgrade, transaction fees have dropped significantly and average only a few cents. This attracted more users to the L2 solution - on March 16, Dune analysts recorded a record number of transfers to Base.

It was previously said that the hype around “meme” coins will most likely not stop. Many experts share this opinion, seeing no signs of an end to the memcoin mania that has gripped the market.