Memecoin on Coinbase’s Base Chain Flips Solana’s BONK After Explosive 426% Rally

The biggest memecoin on the Base blockchain is working its way through the ranks, flipping Dogecoin (DOGE) rival BONK in terms of market cap early on Monday.

BRETT, a memecoin meant to accompany the frog-themed altcoin Pepe, is up 426% in the last 30 days at time of writing, trading at $0.18.

Pepe was originally inspired by the character in the Boys Club comic series created by Matt Furie. Also in the series was Pepe’s friend, Brett, a blue creature who likes dancing and fashion, and who the BRETT coin on Base is inspired by.

BRETT has a market cap of $1.796 billion, which was briefly bigger than BONK earlier today but has since dipped slightly below by about $71 million.

In total, BRETT is up 21,317% since February when it was trading below $0.0009.

In April, blockchain tracking firm Lookonchain spotted two wallets whitelisted by the coin’s developers that inked 30,830x gains, turning just over a hundred dollars into over $3 million.

Lookonchain notes that two wallets whitelisted by the deployer for the meme asset spent 0.034 ETH, worth $102, to buy a combined 172.56 million BRETT in February.

Those wallets subsequently sold 122.74 million BRETT for 890.65 ETH worth $3.14 million on-chain via multiple wallets, printing staggering gains to the tune of 30,830x.

Whitelisted wallets are approved participants for a specific crypto event like an initial coin offering (ICO), according to Coinbase. The pseudonymous crypto analyst known as Shady says the Brett deployer whitelisted 139 addresses.

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Generated Image: Midjourney