In an analysis shared on X (formerly Twitter) with his nearly 100,000 followers, the crypto analyst known by the pseudonym Xremlin (@0x_gremlin) identified MemeCoin as a growing base for enthusiasts and investors. The announcement follows an unprecedented season of gains in the Solana Memecoin market with tokens such as BOME, WIF and SLERF achieving returns ranging from 300x to 1000x.

Xremlin’s insight into crypto market dynamics suggests a potential replication of this astronomical return to base, highlighted by a tweet, “Mem traders on Solana printed millions this season: BOME: 800x, WIF: 1000x, SLERF: 300x. The base season is just starting again and there will probably be a similar rally.”

Meme traders on Solana printed millions this season:$BOME: 800x │ $WIF: 1000x │ $SLERF: 300x$BASE The season is just getting started and it might be a similar rally.

List of memes on base with 10-500x capacity⭣ pic.twitter.com/wAs5hde0N9

— Xremlin (@0x_gremlin) 21 March 2024

The analyst attributed the focus to the base by linking up with Coinbase and launching an upcoming product aimed at facilitating on-chain trading. Xremlin elaborates, “Why base? Coinbase has a large user base in the US, but can be too complex for on-chain trading rules. Soon, Coinbase will launch a product that will enable its CEX users [100M+] Trading on the base without requiring a seed phrase or private key.

The move will significantly lower the barriers to entry for new investors, potentially catalyzing a memecoin rally on the base platform.

However, amid the excitement, Xremlin issues a word of caution to its followers: “Remember: investing in memes is high risk. Just bet what you can lose. When the hype dies down, projects can rug, slow rug, or suddenly tank 50%-70%.” This cautionary advice reflects the inherent volatility and risk associated with memecoin investing, where the line between significant profit and loss can be extraordinarily thin.

Diving into the top crypto memecoins on base

Xremlin’s curated list of base memecoins is not only diverse but also rich in potential, highlighting projects inspired by cultural references, pets of notable figures, and caricatures of industry leaders. Here’s a closer look at the analyst picks:

• Toshi: Known as an homage to Brian Armstrong’s cat, named after the mysterious Satoshi Nakamoto, Toshi represents a playful investment opportunity. Xremlin notes, “Toshi may be the dominant memecoin of the base, illustrating the crypto community’s respect for Nakamoto and Armstrong’s influence.”
• DJ: With its strategic distribution to Farcaster users, DEGEN taps into a community already engaged and familiar with crypto, setting a precedent for community-driven value.
• DOGINME: This memecoin capitalizes on the popular phrase “it’s got a dog in it,” embodying the resilience and tenacity celebrated in crypto trading circles.

• Mochi and Poncho: Both cat-themed coins try to appeal to cat lovers, just as dog-themed memecoins like Dogecoin, Shiba Inu, and FLOKI appeal to dog lovers. MOCHI is based on Brian Armstrong’s pet.
• TYBG: Self-described as “the most base-based meme”, it is emblematic of the meta-culture of memes in the crypto space, where self-referential jokes often garner significant community support.
• BRIUN: A live cartoon of Coinbase CEO Brian Armstrong, the BRIUN meme embodies the intersection of culture and crypto’s leadership, underscoring the community’s caricatures.
• Elonorva: Inspired by a sketch by Elon Musk, the project aims to bridge the gap between digital tokens and real-world assets, representing an innovative and often speculative form of memecoin investment.

Xremlin further emphasizes the importance of community and research in navigating the memecoin market: “For those interested in researching base memes, I recommend joining the /base channel on Warpcaster. Community insight is invaluable and collective efforts can help reduce the risk associated with Memecoin investing.

At press time, TOSHI traded at $0.000321653, up 210% over the past three weeks.

Featured image from Shutterstock, chart from TradingView.com

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