Author: BTC_Chopsticks

"Degen Gameplay" has always been a symbol of Solana. However, as the market becomes saturated, Base Chain is gradually emerging and is expected to become the gathering place for a new generation of "Degen players". In particular, the rise of some popular tokens and AI agents has added new dimensions to the potential of Base. This article will analyze why the on-chain concept of Base may lead the market in Q4 2024.

1. The Rise of Base: Why Choose Base?

Base is an Ethereum-based Layer 2 solution, highlighting low Money Laundering and more convenient on-chain operations. It allows millions of centralized exchange users to easily interact on-chain without the need to create wallets or backup seed phrases. According to data, Base's Total Value Locked (TVL) has exceeded $2.49 billion, with a daily volume of $613 million. On October 26, 2024, Base led all chains in daily stablecoin volume, reaching $18.1 billion and capturing 30% market share. It has not only attracted a large number of users but also ranks among the top five blockchains in terms of TVL, following Ethereum, Tron, Solana, and BNB Chain.

According to the latest a16z "encryption status report" data, the number of active addresses of Base has exceeded 22 million, accounting for more than 42% of the total active users of EVM chains. This large user base provides a solid foundation for "Degen gameplay".

2. The intersection of meme culture and AI on Base

The popularity of Base Shanggeng Coin started with the rapid rise of $GOAT, reaching a market capitalization of about $900 million within two weeks, driving expectations for a new 'Supercycle' of meme coins. Based on open source AI Agent meme coins, many projects (such as @virtuals_io) have created unique trends combining AI and meme coins on-chain in Base. For example, $LUNA has a market capitalization of $178 million, $GAME has reached $10.7 million, $CONVO has reached $5.8 million, and $MISATO has reached $2.5 million. These AI meme coins are expected to continue to rise in the coming months.

In the first half of 2024, AI became a popular narrative in the blockchain field, while the second half was the golden period of meme culture. AI meme coins based on-chain, such as $ai16z, have attracted followers in the market, and its virtual version of Marc Andreessen shares the vision and mission of the AI era in the form of DAO. Holders can participate in investment decisions within the a16z network, making the combination of AI and meme culture more attractive.

3. Community activity and FDV/ holder ratio

In addition to the surge in fund flows and Market Cap, the on-chain community activity and FDV/ holder ratio of Base on-chain SHI have also become important indicators. For example, $DEGEN TokenMarket Cap is 121 million US dollars, with nearly 800,000 holders; $TOSHI TokenMarket Cap is 51.2 million US dollars, with over 460,000 holders; $TOBY TokenMarket Cap is 13.9 million US dollars, with over 1 million holders. This healthy ratio of holders to Market Cap indicates strong community support, further enhancing the pump potential of the Token.

It is worth mentioning that, although the FDV holder ratio is not a common evaluation indicator, it provides a useful reference in measuring community vitality and pump space.

Conclusion

Based on the potential of on-chain meme culture, especially the 'Meme Token Supercycle' that may lead in Q4 2024, it has brought new opportunities and hotspots to the market. With the increasingly deep integration of AI and meme tokens, Base has become a more attractive 'Degen gameplay' new home than Solana. In the future layout, investors can follow the community support and innovative narratives of these tokens, but still need to be cautious, do their own research (DYOR), in order to better grasp potential opportunities.