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Newly Launched Memecoin Reaches $300 Million Market Cap in One Day, Brings Record on Base

source-logo  en.bitcoinsistemi.com 30 March 2024 14:09, UTC

cc0 NFT mfers NFT collection founder Sartoshi launched a memecoin called mfercoin on the Base network early this morning. The new coin was distributed as an airdrop to mfer NFT owners.

Mfercoin's market capitalization has already exceeded $300 million and transaction volume exceeded $76 million. The base price of the mfer NFT has increased significantly by over 60% in the last 24 hours, reaching over 0.6 ETH.

However, the memecoin in question lacks any use case or intrinsic value, and its price rises and falls based entirely on speculation. In addition, since it is released by an anonymous developer, there is also the possibility of rugpull fraud. Therefore, as with all other memecoins, it is better to be careful.

As we approach the end of March, activity on Base, the layer two blockchain developed by cryptocurrency exchange Coinbase, remains strong, with daily transactions and trading volumes rising to record levels. Base reached an all-time high on March 29, recording 2.27 million transactions, driven by the new memecoin.

This increase in daily activity comes after weekly transactions on Base reached an all-time high, with approximately 9.59 million transactions recorded on March 18.

Base's weekly network revenue also set a new record on March 18.

*This is not investment advice.