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The Crypto Roundup: 01 August 2023 | CryptoCompare.com

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Coinbase’s recently launchedlayer-2 blockchain, Base, has seen an influx of capital and transaction volumes, largely due to the temptation of potential memecoin wealth as traders piled on a newly launched token.

Over the weekend, Base attracted around $68 million in ether (ETH) and exceeded $200 million in trading volumes, surpassing even well-known networks like Arbitrum in transaction count, even though it isn’t officially live to the public yet.

Created by cryptocurrency exchange Coinbase on the OP Stack, Base launched a version for developers in early July, allowing them to test applications and blockchain products ahead of a public launch slated for later this year.

While before the weekend inflows were at around $500,000 a day, over the past 48 hours they exploded amid a memecoin trading frenzy for BALD, a cryptocurrency built on top of Base that saw its price jump over 4,000,000% from issuance to peak, before collapsing.

The token collapsed after its developers removed liquidity for it on the decentralized exchange Leetswap.

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