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Here’s why Base tokens like Brett, Basenji, and Degen are surging

heres-why-base-tokens-like-brett-basenji-and-degen-are-surging
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Markets
Here’s why Base tokens like Brett, Basenji, and Degen are surging

Meme coins on the Base Blockchain were some of the best performers on Wednesday as cryptocurrencies rebounded. Brett, the biggest token in the ecosystem, surged by over 18%, pushing its market cap to nearly $1.5 billion. 

Basenji (BENJI) was a big gainer Wednesday morning, more than doubling in value while Degen lagged behind but still notably higher by 35%. The strong gains can be attributed to a more positive sentiment in the crypto universe as Bitcoin reclaimed the $65,000 level. In most cases, altcoins and Bitcoin are positvely correlated.

The other possible reason why these tokens are soaring is that the Base Blockchain ecosystem is thriving. Data shows that the network’s total value locked (TVL) has rebounded to $1.45 billion, making it the 7th-biggest platform in the industry after Ethereum, Solana, Tron, BSC, Arbitrum, and Blast. 

Most dApps in the ecosystem recorded inflows on Wednesday, with Uniswap, AAVE, and UNCX Network leading the way. The network also welcomed Morpho, a DeFi network with over $1.8 billion in assets.

Brett gains further recognition

Brett benefited from an encouraging announcment as its perpetual futures are now listed on Kraken, one of the biggest exchanges in the world. Most cryptocurrencies tend to rally after being listed by a leading exchange like Kraken or Binance. Brett was also listed by CoinDCX, a leading Indian exchange.

Therefore, the ongoing assumption is that these and other crypto exchanges will also list Basenji and Degen.

Brett and Basenji are meme coins that aim to replicate the success of other popular tokens in Ethereum and Solana. Degen, on the other hand, is a blockchain network that rewards users for posting content. It has over 465k holders and has handled over 6 million transactions.