The rapidly increasing meme coin activity on the Base network led to the dismissal of the Ethereum London upgrade as “worthless.”
The meme coin frenzy, especially thriving on the Solana (SOL) network, has now spread to the Base network developed by the crypto exchange Coinbase. In recent days, the production of thousands of different meme coins on the Base network has surprised with the rise in transaction fees.
The intense interest has brought millions of transactions, but even the advantages of the Ethereum London upgrade, such as low transaction fees on layer 2 networks like Base, could not counteract it. As a result, transaction fees on Base exceeded even pre-upgrade London levels.
Meme coins produced on the Base network, such as Benji, Toshi, and Basset, have quickly shown dozens of times growth, providing hefty profits to investors who were able to leverage the opportunity.
On-chain analyst Michael Silberling, commenting on the issue, stated that the high transaction fees are mainly due to large-volume trades conducted through bots.
Particularly, investors looking to make early investments in newly launched meme coins and earn much higher profits have caused network payments to bloat by paying high transaction fees through bot systems.
