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Coinbase’s Base sees a memecoin boom, with utility-focused Galaxy Fox (GFOX) among those thriving, following BRETT’s success.
The Base blockchain has seen a significant spike in transactions, largely thanks to memecoin excitement. Base is Coinbase’s flagship blockchain which has seen its average daily transactions spike in the past week.
This increase in transaction volumes is reminiscent of what the Solana blockchain experienced in recent months. Traders are constantly exploring the best crypto to invest in, and memecoins are jostling for the top spots.
GFOX continues to show its edge with a fruitful presale that raised over $6 million in its token sale. Its rise is proof that with fresh ideas and a bold mission, a new project can attract investors.
Base leans into the memecoin frenzy
According to a report, the average transaction volumes on Base, a layer-2 developed by popular US-based crypto exchange Coinbase, have jumped to approximately 1.5 million a day – up from its half-a-million average a few months ago. The total value locked (TVL) on this blockchain now stands at about $2.7 billion.
As with most blockchains that experience sudden high usage, on-chain activity has spiked with BRETT, the top memecoin by market cap on Base. Of note, developers have their work cut out to provide the scalability necessary for the spike in transactions and activity. Though prices have cooled off, as seen with Bitcoin and Ethereum, BRETT memecoin has a market cap of over $265 million, dropping just 6% on the last day.
The impact of memecoins on Base and other layer-2s is a testament to the power such projects wield in the crypto landscape. It represents growth from the early days when Dogecoin was a literal joke that no one took seriously. Since 2019, memecoins have gradually become viable assets for many traders, and one of the most dynamic sectors in the crypto market.
Such disruption is proof that memecoins are more than just a cultural phenomenon. Anyone making a list of the best new crypto to buy will likely include at least one or two memecoins. The fact that some memecoins can drive independent blockchain adoption is another layer of growth for the sector.
GFOX set to become a top 20 memecoin
Galaxy Fox is a next-generation utility memecoin that is quickly rising on traders’ radars. The project recently concluded its presale, and the project team launched for $0.004 with the project expecting a huge upside in the coming weeks.
GFOX was listed on April 18, 2024, with traders able to trade on the token via Uniswap. The game itself launches on May 11 and preparations are in full gear for a smooth landing.
Galaxy Fox has the full repertoire, with a play-to-earn gaming token, staking rewards, NFT collection, gaming merchandise, and much more under the same roof. Gamers have a chance to play an exciting game and have a potentially lucrative experience while at it.
The development team is working overtime to ensure a successful game launch. By combining utility and unique token management, this project is considered by many analysts to have serious potential to rank within the top ten memecoins.
Conclusion
GFOX is representative of the next era of memecoin development. It is no longer enough for a memecoin to have a funny logo or online notoriety. Combining the community effect of a P2E game and NFT collectibles ensures that Galaxy Fox has something for everyone. Gamers and regular investors began trading on April 18, exploiting growth potential in store ahead of the game launch on May 11.
To learn more about GFOX here, visit the Galaxy Fox presale, or join the community.
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