Coinbase’s Layer 2 offers scalability and accessibility, driving investor interest in meme coins.
The cryptocurrency market is touching the sky in 2024, making altcoins explode dramatically. Older altcoins like Dogecoin (DOGE) and Shiba Inu (SHIB) also perform well and guide the way for new coins, while the new meme coins gain popularity and are still doing well.
The majority of the newest meme coins are built on Solana chains, and they create a token on this chain that captures a huge share of the market. Some of these coins are Dogwifhat (WIF), Bonk (BONK), and a Book of Meme (BOME). BOME made history by gaining a market cap of $1.5 billion within 72 hours of its launch.
These tokens contribute to giving motivation to Solana, as the project shows a huge recovery in late 2022 after the downfall of FTX trading. Meme coins and their volume play a massive role in the token and chains, which is responsible for the rebirth of this token.
Coinbase’s Layer 2 Sparks Memecoin Millionaires: A New Era for Crypto Growth
Newly launched Memecoins make people millionaires overnight, leading others to search for new coins that have the potential to hit big. A ground is set by the coinbase layer 2, called Base, for the new meme coins, giving them an opportunity to grow in the cryptocurrency world.
In the summer of 2022, the team launched a second layer named Base to provide solutions for the Ethereum blockchain. This step provides an easy-to-use and climbable environment for the coins created in this chain. This allows users to create new coins on this chain and provides access to uncountable buyers and volume through the Coinbase platform.
Although memecoins are still gaining pace, it has already become an intense competition for memecoins. According to dexscreener (a blockchain aggregation tool), out of 20 meme coins, 15 are on the Ethereum blockchain.
Some of the coins made on this blockchain are performing extraordinarily well. You can quote an example of a ROOST coin that started a trade in March 2022 and went 2000% up in a single day. So if someone invests $100 on this coin, their amount by noon will be $20,000.
Base allows users to create their own tokens and issue them to the market. Layer 2 supports them by holding a $500 million volume. The established universality of meme coins brought them to new heights in the market.
