Base Tokens Surge as Blockchain Activity Hits Record High Amid Memecoin and AI Rally

Daily Top Performer — Solana (SOL)

The S&P 500 fell 2.08% last week as the post-election rally faded after Fed Chair Powell signaled delayed rate cuts due to strong economic conditions and inflation. Coindesk Indices, an index measuring broader cryptocurrency market performance was up by 1.73%, with Bitcoin and Ether rising by 0.72% and 1.22%, respectively in the past 24 hours.

Today's top performer is SOL, which surged 11.1% following a surge in fees for Solana DApps amid memecoin mania and a rising SOL price.

Solana (SOL), founded in 2017, is a fast, low-cost blockchain supporting 50,000 transactions per second with seamless composability, enterprise security, and support for C, C++, and Rust. It uses Proof of History to enhance its Proof of Stake consensus. Solana-based DApps saw record fees amid a memecoin frenzy, with five of the top 10 crypto protocols by fees in the last 24 hours on Solana. Raydium led with $11.31M in fees, while Jito earned $9.87M. Memecoin activities drove significant gains, including a 2700% rally for Peanut (PNUT) and Dogwifhat's (WIF) Coinbase listing. SOL surged to $242, its highest since 2021, with a market cap of $112B despite 4.9% annual inflation.

Check Out the Latest Prices, Charts, and Data of SOLUSDT Perp and SOL/USDT Spot Contracts!

Talk of the Town

Base, Coinbase's Layer 2 blockchain, is seeing a surge in token activity, driven by memecoins and AI tokens. VIRTUAL, KEYCAT, and MIGGLES have posted significant gains, with weekly transactions hitting an all-time high of 47 million, a 62% increase since September. The total value locked (TVL) on Base has also reached a new peak of $3 billion. This rally may have been sparked by Coinbase listing PEPE and WIF, fueling speculation about future token listings on the platform.

Check Out the Latest Prices, Charts, and Data of VIRTUALUSDT Perp Contracts!

Bitcoin Spot ETF Flows

Between November 11-15, 2024, BTC Spot ETF saw total net inflows of $1,671M, driven by $1,756.7M from non-GBTC sources, offset by a $85.7M outflow from GBTC. Overall, the current cumulative flows stand at $27,461M, with non-GBTC contributing $47,734M, while GBTC remains at a negative $20,273M.

Check Out the Latest Prices, Charts, and Data of BTCUSDT Perp and BTC/USDT Spot Contracts!

Airdrop to Watch

Bless Network, a DePIN project, offers users the opportunity to earn airdrop rewards by contributing computing power through their devices. Backed by $8 million in funding, the Bless Incentivized Testnet is live. To participate, sign up, install the Bless browser extension, and let your PC run in the background to accumulate "Up Time" for larger rewards.