A recent federal court ruling in the ongoing case involving the Securities and Exchange Commission and cryptocurrency exchange Coinbase has resulted in substantial daily gains for memecoins on the Base network. Data from on-chain transactions indicates significant increases in value across the basic meme coin ecosystem, with some memecoins seeing an increase of over 20% in the last 24 hours. The total market value of meme coins on the Base network has gone up by 12% within the same time frame, reaching nearly 1.1 billion dollars.

Current Situation of Memecoins on Base Network

Coinye West emerged as a top performer among meme coins, experiencing a 110% surge with strong support from the community. Additionally, Bald Dog saw a remarkable 45.2% increase in value, adding to its impressive 313% rise from the previous week.

Brett, a meme coin that has garnered investor attention over an extended period, also witnessed a 25.9% increase in value. It appears that Brett is continuing its upward trajectory from the past two weeks. Notably, Brett remains one of the most significant meme coins in the market, with fluctuations of 55.7% and 73% at various times.

In addition to Brett, Toshi and Degen also demonstrated notable weekly increases of 68.2% and 127%, respectively. The memecoin market has seen substantial growth, reaching a total value of 69.1 billion dollars, reflecting an 8% increase compared to the previous day. Dogecoin continues to lead the market with a 13% daily surge.

Amidst these gains, certain Solana meme coins experienced declines, with Dogwifhat, BONK, and Slerf seeing drops of 6.6%, 1.4%, and 18.5%, respectively.

Recent Updates on the Coinbase Legal Case

A federal court decision on March 27th denied a motion to dismiss the case against Coinbase, accused by the SEC of conducting unregistered exchange operations and offering trading services related to unregistered securities. Industry experts suggest that the rise in Base tokens may be tied to the court's ruling on the Coinbase Wallet matter.