Base meme coins bleed, with BRETT, BENJI, CHOMP, KEYCAT posting double-digit losses

Coinbase Layer 2 Base-based meme coins have noted price fluctuations in the past week as the exchange kicks off its multi-week event called Onchain Summer. 

Basenji (BENJI) and ChompCoin (CHOMP) are holding on to their gains from the last seven days, while most other Base-based meme coins have wiped out their value. 

Brett (BRETT) and Keyboard Cat (KEYCAT) have noted double-digit corrections in their prices in the last 24 hours. 

Base-based meme coins extend losses

Base-based meme coins have garnered attention and volume from market participants in the ongoing cycle. While Dogecoin (DOGE) and Shiba Inu (SHIB) rank as the first and second largest meme coins in the crypto ecosystem, Base-based meme coins have seen higher activity from traders, reaching new highs in market capitalization and prices in the past week. 

BRETT’s market capitalization exceeded $1 billion last week, making it the first meme coin to hit this level on Coinbase’s Layer 2 chain. The token hit an all-time high of $0.1933 on June 9, per CoinGecko data. Since then, BRETT has corrected, down 12% in the past 24 hours, while holding on to nearly 2% gains in the past seven days. 

BENJI announced a partnership with market maker Wintermute on June 7. Since then, BENJI rallied and the meme coin is up over 45% in the past seven days. In the past 24 hours however, alongside other Base-based assets that suffered a correction, BENJI wiped out nearly 15% of its value. 

Meanwhile, analysts have noted capital rotation from BRETT’s large wallet investors to CHOMP previously. CHOMP price is up 133.9% in the past seven days and down 37% in the past 24 hours. 

KEYCAT has experienced a nearly 20% correction in the past 24 hours and is down 35% in the past seven days, as seen on CoinGecko. 

The market capitalization of Base-based meme coins has dropped to $2.228 billion, down 6% in the past 24 hours.