Ramazan Eles 
Base Chain memecoins are experiencing a massive surge, fueled by a recent court ruling in the ongoing lawsuit between the Securities and Exchange Commission (SEC) and cryptocurrency exchange Coinbase. On-chain data reveals significant daily gains across the Base memecoin ecosystem, with some tokens exceeding 20% growth in the past 24 hours. The total market capitalization of Base memecoins has also spiked by 12%, reaching nearly $1.1 billion within the same timeframe.
Coinye West Leads the Charge
Coinye West emerges as the frontrunner, recording a staggering 102% surge today, bolstered by strong community support. This follows a remarkable 100X increase within the last 24 hours, further amplifying the memecoin frenzy currently gripping the crypto market. Bald Dog follows closely behind with a 45.2% increase, adding to its impressive 313% gain over the past week. Brett, a popular choice among the wider crypto community, has also witnessed a 25.9% rise today, consolidating on its gains accumulated over the past two weeks. Notably, Brett remains a top performer with a 55.7% and 73% increase in those respective timeframes. Additionally, it holds the top spot within the Base memecoin ecosystem by market cap, boasting a $14.2 million daily volume.
Memecoin Market Sees Upward Trend
The memecoin market as a whole has exhibited positive movement over the past two weeks, mirroring a broader market upswing fueled by rising investor confidence. At the time of writing, the total market capitalization of the memecoin sector stands at $69.1 billion, reflecting an 8% increase compared to the previous day. Dogecoin, the leading memecoin, has continued this upward trend with a 13% daily rise.
Base Chain Outshines Solana Memecoins
Interestingly, Base Chain memecoins have surpassed their Solana counterparts in terms of recent gains and overall market sentiment. Dogwifhat, BONK, and Slerf have witnessed declines of 6.6%, 1.4%, and 18.5%, respectively.
SEC Lawsuit Spurs Speculation
On March 27th, a federal court in Manhattan denied Coinbase’s motion to dismiss the SEC’s lawsuit. The SEC accuses Coinbase of operating an unregistered exchange and offering trading services for unregistered securities. This decision paves the way for the case to proceed to trial, with Coinbase having the opportunity to address the financial regulator’s claims.
While some experts speculate that the court’s dismissal of Coinbase’s argument regarding its wallet service may have triggered the surge in Base tokens, the rest of the lawsuit remains ongoing. Both parties appear confident in their respective positions as the case moves forward.