Base Chain Memecoins Surge Amid Coinbase-SEC Lawsuit
Base Chain memecoins are exploding with massive daily gains amid a federal court ruling on the case between the Securities and Exchange Commission and cryptocurrency exchange Coinbase.
On-chain data shows huge gains on the base memecoin ecosystem with some assets posting above 20% gains in the last 24 hours. The market capitalization of base memecoins has spiked 12% to almost $1.1 billion in the last 24 hours.
Coinye West Lead Base Chain Memecoin Surge
Coinye West tops the chart surging 102% today with the community rallying behind the asset. The fact the asset has 100X in the past 24 hours comes amid the recent memecoin frenzy in the cryptocurrency market. Bald Dog comes in second with a 45.2% increase adding to its impressive 313% surge this past week. Brett, which is popular among the wider community, is up 25.9% today. The asset consolidates on gains picked up in the last two weeks.
With a 55.7% and 73% increase in the above time frames, Brett remains among the top flying memecoin in the market. Brett tops the Base memecoin ecosystem by market cap with a $14.2% daily volume. Toshi and Degen rank next with a 68.2% and 127% weekly increase respectively.
The memecoin market has ticked upwards in the last two weeks following a wider market surge sparked by increasing investor confidence. The memecoin market stands at $69.1 billion at press time, an 8% increase from the previous day. Leading asset Dogecoin continued the upward momentum with a 13% daily rise.
Base memecoins have flipped Solana memecoins regarding gains and the trending nature of assets. Dogwifhat, BONK, and Slerf are down 6.6%, 1.4%, and 18.5% respectively.
Court Denies Coinbase Motion
On March 27, a federal court in Manhattan denied Coinbase’s motion to dismiss the lawsuit filed by the SEC for the operation of an unregistered exchange and offering trading services around unregistered securities. The effect of the decision means the case will proceed to trial with Coinbase having an opportunity to receive delivery from the financial regulator.
Some experts suggest that the reason behind the spike of Base tokens is due to the issue on Coinbase Wallet dropped by the court. Despite this, the rest of the case will proceed to trial with both parties appearing confident.
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