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Blockchain Base Threatens Solana’s Memecoin Lead
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At the Emergency Conference in Prague, experts debated the future of memecoins and the new Base blockchain, which promises to challenge Solana’s hegemony. Industry leaders, such as Mike Dudas and Christopher Newhouse, highlighted the 60% growth in Base’s total locked value in just one month, highlighting its potential as a viable alternative in the memetic economy, driven by artificial intelligence-based token creation tools.
Memecoins were one of the themes of the Emergency Conference in Prague, held in the first week of December. In the panel “Memecoins: Financial Nihilism or Future of Culture?”the sustainability of the cryptocurrency market was discussed. Over the course of a 30-minute conversation, Mike Dudas, Nicolai Søndergaard, Genia Mikhalchenko, Lawrence Lewitinn and Christopher Newhouse presented their views on memetic tokens.
Mike Dudas, founder of 6th Man Ventures, highlighted the sustainability of memecoins, stating that memes are an intrinsic part of human culture, with roots that go back to cave wall paintings. Chris Newhouse, director of research at Cumberland Labs, was also optimistic about the potential to improve the functionality of memecoins.
Newhouse argued that adding utility to these assets and monetizing them could be a significant contribution to the market. On the other hand, Genia Michalchenko, head of business development at Douro Labs, expressed concerns that the search for utility could have a negative effect on the memetic economy.
Memetic competition
An important point raised during the conversation was the “transformability” of memecoins – ability of a meme to be shared and adapted visually or aurally. Nicolai Søndergaard, a researcher at Nansen, emphasized that this feature is crucial to the long-term popularity of memecoins.
Discussions also addressed competition in the memecoin market, especially between Solana and the new Base network. Newhouse mentioned that Base could become a significant competitor to Solana, especially with the development of AI-based token creation tools like Clanker.
According to the K33 Research report, Base’s artificial intelligence tools are behind base’s growth. Base saw a significant increase in its total value locked (TVL), which grew by more than 60% last month, reaching US$3.89 billion
Despite the growth of the Base, Solana still leads the memecoin market, with 92% of new tokens issued in November, 348 thousand of the 375 thousand issued. However, the Base is growing rapidly. Coinbase’s meme blockchain, launched in August 2024, was the fourth with the most daily movements in wallets, according to data from CryptoRank.
Blockchain Base Threatens Solana’s Memecoin Lead
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Blockchain Base Threatens Solana’s Memecoin Lead
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Blockchain Base Threatens Solana’s Memecoin Lead
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Blockchain Base Threatens Solana’s Memecoin Lead
