# The Great Memecoin Migration

*Author: Jack Inabinet*
*Published: Mar 28, 2024*
*Source: https://www.bankless.com/de/the-great-memecoin-migration*

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The fervor around memecoin mania shows no signs of slowing, but the emergence of shiny new tokens to ape has caused the battleground for attention to become increasingly competitive, threatening the dominance of existing projects. *What plays are top memecoin communities making in hopes of recapturing the market’s attention?*

Within the Ethereum ecosystem, Base has emerged as a hotspot of onchain activity, consistently processing over a million [transactions per day](https://app.artemis.xyz/chains) since EIP-4844 went live and overtaking Blast to become the third largest L2 after experiencing a 2x increase in [assets on the chain](https://l2beat.com/scaling/summary) in the past 10 days.

In efforts to capture a portion of the flows going into Base’s memecoins, a sector with a market capitalization of just over $1B according to [CoinGecko](https://www.coingecko.com/en/categories/base-meme-coins), the ticker BITCOIN account tweeted yesterday it would be deploying on Base, prompting a short-lived rally that spiked price by nearly 20% in the 15 minutes following the announcement.

> It's okay to be BASED🔴🟡🔵Ticker BITCOIN is now trading on BASE Chain$BITCOIN on BASE CA: 𝟶𝚡𝟸𝚊𝟶𝟼𝙰𝟷𝟽𝙲𝙱𝙲𝟼𝚍𝟶𝟶𝟹𝟸𝙲𝚊𝚌𝟸𝚌𝟼𝟼𝟿𝟼𝙳𝙰𝟿𝟶𝚏𝟸𝟿𝙳𝟹𝟿𝚊𝟷𝚊𝟸𝟿 [pic.twitter.com/ccY68cHXAL](https://t.co/ccY68cHXAL)— HPOS10I ETH (@RealHPOS10I) [March 27, 2024](https://twitter.com/RealHPOS10I/status/1773116524506530268?ref_src=twsrc%5Etfw)

While ticker BITCOIN is migrating to Base in pursuit of greener pastures and fresh capital, the project find itself one step behind DOG, the fractionalized representation of the DOGE NFT which splashed onto Base nearly 2 months ago with an [airdrop](https://medium.com/the-doge-times/dog-airdrop-on-base-b9866074f298) and announced yesterday that it would be deploying to Solana.

Solana has played a central role in memecoin mania, [serving](https://dune.com/cryptokoryo/ecosystems) as the host for the majority of new tokens deployed and handling a significant portion of the memecoin trading volumes in recent months; DOG’s deployment to the chain exposes it to this mountain of speculative demand!

> Good evening frens, [$DOG](https://twitter.com/search?q=%24DOG&src=ctag&ref_src=twsrc%5Etfw) is now live on Solana, with each chain we deploy to, we take another step towards easing DOG adoption.Sooner or later everyone will Own The Doge 🐶✨SOL Contract Address: B9u8h65uM1oifqmP82VyUDb68iG2fKfZiyubmNMtu3h7 [pic.twitter.com/aAIC7EpcmX](https://t.co/aAIC7EpcmX)— Own The Doge 🐶🖼 (@ownthedoge) [March 28, 2024](https://twitter.com/ownthedoge/status/1773168676549603583?ref_src=twsrc%5Etfw)

As the competition looks to attract buyers by migrating to existing chains, Base’s DEGEN has gone in a different direction, hoping that the creation of its own chain and increased utility for its token will catalyze buyer excitement.

Deployed in conjunction with Web3 infrastructure provider Syndicate, the Degen Chain will use DEGEN as its gas token and is one of the first L3s built exclusively for a community, a move envisioned to foster experimentation across a myriad of DEGEN-enabled applications, ranging from tipping and community rewards to payments and gaming!

> 1/ Today, we’re excited to announce the launch of Degen Chain, an L3 for the [@degentokenbase](https://twitter.com/degentokenbase?ref_src=twsrc%5Etfw) community built with [@arbitrum](https://twitter.com/arbitrum?ref_src=twsrc%5Etfw) Orbit, [@base](https://twitter.com/base?ref_src=twsrc%5Etfw) for settlement, and AnyTrust for DA.The chain’s native gas token is [$DEGEN](https://twitter.com/search?q=%24DEGEN&src=ctag&ref_src=twsrc%5Etfw), making it one of the first community tokens with its own L3. [pic.twitter.com/DREoZh8LtG](https://t.co/DREoZh8LtG)— Syndicate ✺ (@syndicateio) [March 28, 2024](https://twitter.com/syndicateio/status/1773351144858750990?ref_src=twsrc%5Etfw)
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*\* Bankless team holds crypto assets and advise crypto projects. [Syndicate](https://www.bankless.com/de/syndicate) is included in our disclosures. See our complete investment disclosures [here](https://www.bankless.com/de/disclosures)*