Meme Coin Frenzy on Coinbase’s Layer 2 Blockchain
A meme coin frenzy has erupted on Coinbase’s layer 2 blockchain, despite the network not being officially live yet. Despite challenges such as the absence of a two-way token bridge and a clunky DEX experience, crypto traders have flocked to Coinbase’s layer 2 blockchain in search of riches. Base, built by Coinbase on OP Stack, launched its testnet in January and opened to builders in July. Initially, traction was limited, but things changed when @cheatcoiner tweeted about meme coin BALD, funded by coinbase staked ether (cbETH), on the Base network. The price of BALD skyrocketed, reaching a $85 million market capitalization just hours after its issuance. Liquidity for BALD tokens also increased significantly, with trading volumes surpassing $100 million. Not only @cheatcoiner, but other wallet addresses connected to the developer also profited from the surge in BALD’s price. However, there is currently no official support for moving funds from Base back to Ethereum.
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