🗿 Base V Solana

We have the answer for the chain of the summer

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GM. gm. Apple is really putting chatgpt in the next iOS, and crypto market prices are stumbling a little bit. Luckily memecoins are still hot, and that’s what we’re covering today. Stay positive – it’s summer.

Without Further Ado. ☕ *knuckle cracks* ☕ Let’s get into it.

Base V Solana – Who’s Taking the Summer?

It was Solana, then Base, then Sol again, now this past week Base is back on top. Degens love naming summers, so who’s going to be kind when we look back in September? 

We’re going to dive into what’s been happening in the memecoin game and try to explain why. So we don’t look like idiots 72 hours from now, we’ll refrain from making any picks or talking about what’s hot this second.  

So Memecoins are Back, huh?

For months now memecoins have been hot, really hot. In some spots as hot as 2021. But it’s not exactly the same. Back then there was some true belief that a sh*tcoin could rise up to be one day accepted as normie currency. 

Now, the market has matured, the traders have matured, and somehow that’s making us act even more immature. No longer is anyone talking about utility, these are sh*tcoins for sh*t’s sake and no other reason. 

My favorite example of this is $SPEED. It’s a dog that runs “real fast”. That’s it. No other story, no other characters, just 1 gif of a dog running. 

People aren’t pretending anymore, and I think that’s beautiful. Let’s all just try to get rich being shitheads.  

Solana

Solana started popping off first around February/March. The reasons were fairly simple - it’s fast, has almost no transaction fees, and easy to launch coins on. 

The speed Sol coins rise and fall is more dramatic than anything was 3 years ago. Coins can go through entire cycles in 36 hours, so it’s not for the faint of heart, but that action also pulled back in a lot of traders who had been burned in the bear market. Getting over that PTSD that had been weighing heavy on people for years is a major reason why we are back. 

Now, anyone can launch a coin on Sol in seconds on pump.fun, and if it hits an early critical mass, they’ll give it liquidity. 

In our opinion, this crazy volatility will probably scare more normies away than draw them onchain, but Solana is doing its best to make it easy to onboard our fiat friends. 

Base 

If you aren’t familiar, Base is coinbase’s ethereum L2. This comes with some strong advantages – the security of eth, backed by coinbase, and very little fees. At the time of its launch last year, memecoins weren’t really happening so it seemed cool but we didn’t have the use case. Now, it’s setup to be the chain for memes.

As you can see below, TVL has exploded on Base since March when memes started picking up again. 

Base TVL

Coinbase is on a mission to get 1B users onchain. ICYMI last week we covered their smart wallet announcement that is a huge step in the right direction. If they can be successful in getting more normies onchain who don’t really know they’re onchain, this could be huge for the shitcoin market. 

Once they are already there doing something else, why not buy a shitcoin? So far, successful Base memes have had more commercial appeal than some of the quick and dirty memes on Solana. For example $BEAST, a Mr. Beast themed coin. We expect this to continue if Coinbase can bring more normies onto Base. 

Our Prediction

The good news is that we won’t be spending much on gas either way. 

Base onboarding a bunch of normies might be a pipedream, but true “commercial” memes is something we haven’t seen yet. Solana has been around for years, and new is always sexier. 

If we really knew for sure, I’d probably be on a private island somewhere instead of writing this post. So, DYOR. Or just ape into everything you see.

No Fomo News 📰

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