Base meme coins bleed, with BRETT, BENJI, CHOMP, KEYCAT posting double-digit losses

Source Fxstreet
Jun 13, 2024 18:00
  • Some Coinbase Layer 2 Base-based meme tokens have suffered double-digit price declines in the past 24 hours.
  • Several meme tokens have accumulated losses in the past seven days as Bitcoin trades range bound under $68,000.
  • The market capitalization of Base-based meme coins is down 6% in the past 24 hours.

Coinbase Layer 2 Base-based meme coins have noted price fluctuations in the past week as the exchange kicks off its multi-week event called Onchain Summer. 

Basenji (BENJI) and ChompCoin (CHOMP) are holding on to their gains from the last seven days, while most other Base-based meme coins have wiped out their value. 

Brett (BRETT) and Keyboard Cat (KEYCAT) have noted double-digit corrections in their prices in the last 24 hours. 

Base-based meme coins extend losses

Base-based meme coins have garnered attention and volume from market participants in the ongoing cycle. While Dogecoin (DOGE) and Shiba Inu (SHIB) rank as the first and second largest meme coins in the crypto ecosystem, Base-based meme coins have seen higher activity from traders, reaching new highs in market capitalization and prices in the past week. 

BRETT’s market capitalization exceeded $1 billion last week, making it the first meme coin to hit this level on Coinbase’s Layer 2 chain. The token hit an all-time high of $0.1933 on June 9, per CoinGecko data. Since then, BRETT has corrected, down 12% in the past 24 hours, while holding on to nearly 2% gains in the past seven days. 

BENJI announced a partnership with market maker Wintermute on June 7. Since then, BENJI rallied and the meme coin is up over 45% in the past seven days. In the past 24 hours however, alongside other Base-based assets that suffered a correction, BENJI wiped out nearly 15% of its value. 

 

Meanwhile, analysts have noted capital rotation from BRETT’s large wallet investors to CHOMP previously. CHOMP price is up 133.9% in the past seven days and down 37% in the past 24 hours. 

KEYCAT has experienced a nearly 20% correction in the past 24 hours and is down 35% in the past seven days, as seen on CoinGecko. 

The market capitalization of Base-based meme coins has dropped to $2.228 billion, down 6% in the past 24 hours. 

Disclaimer: For information purposes only. Past performance is not indicative of future results.
placeholder
Dogecoin Whales Fill Up Bags As DOGE Price Dips 5%On-chain data shows the Dogecoin whales have gone on a buying spree while the memecoin’s price has declined in the last 24 hours.
Author  NewsBTC
On-chain data shows the Dogecoin whales have gone on a buying spree while the memecoin’s price has declined in the last 24 hours.
placeholder
Biden dropping re-election bid a question of when, not if- TD CowenInvesting.com-- President Joe Biden is likely to drop his bid for reelection, TD analysts said in a note, amid growing concerns over his health and whether he will be able to effectively run against R
Author  Investing.com
Investing.com-- President Joe Biden is likely to drop his bid for reelection, TD analysts said in a note, amid growing concerns over his health and whether he will be able to effectively run against R
placeholder
Bitcoin Weekly Forecast: Will BTC continue its bullish momentum?Billionaire investor Mark Cuban took to Twitter on Wednesday to discuss Silicon Valley's increasing support for former President Trump, describing it as a strategic "bitcoin play."
Author  FXStreet
Billionaire investor Mark Cuban took to Twitter on Wednesday to discuss Silicon Valley's increasing support for former President Trump, describing it as a strategic "bitcoin play."
placeholder
Asian stocks fall as US-China jitters persist; TSMC sparks little cheerInvesting.com-- Most Asian stocks fell on Friday amid persistent concerns over a renewed trade war between the U.S. and China, while positive earnings from TSMC did little to stop a rout in technology stocks.
Author  Investing.com
Investing.com-- Most Asian stocks fell on Friday amid persistent concerns over a renewed trade war between the U.S. and China, while positive earnings from TSMC did little to stop a rout in technology stocks.
placeholder
Oil prices dip on China demand concerns, set for weekly lossInvesting.com-- Oil prices fell in Asian trade on Friday, and were headed for a weekly loss amid persistent concerns over slowing demand in top importer China, while sentiment was also dented by conce
Author  Investing.com
Investing.com-- Oil prices fell in Asian trade on Friday, and were headed for a weekly loss amid persistent concerns over slowing demand in top importer China, while sentiment was also dented by conce
goTop
quote