Dogecoin, Shiba Inu And Other Memecoins Fueling Mass Adoption Of Base’s L2 Network, Coinbase Exec Says: ‘They Are Going To Be One Of The Biggest Drivers’

Recent developments include: jesse pollackThe creator of Base of Coinbase attributes the rapid adoption of Coinbase-backed Layer 2 networks to the rise of meme coins, including: dogecoin (Code: Doge), Shiba Inu (Code: SHIB), Inuwihuwat (Crypto:WIF) etc. This resulted in a significant influx of users into the Base ecosystem.

what happened: Pollack highlighted the impact of meme coins in integrating a significant number of users into the Base ecosystem in a recent video for social media platform X (Daily Hodl) report on tuesday. He noted that memes are a key factor in attracting new users, and that speculation also plays a role.

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Pollack expressed confidence in Base’s adoption, stating that meme coins attract people primarily through creativity. He elaborated that memecoin creators aim to draw more people to a particular meme by mobilizing the community and experimenting with different creative efforts.

Related article: Bitcoin transaction fees fall to 5-year low after halving

According to Pollack, this strategy has led to a “Cambrian explosion” of onboarding experimentation, with creators constantly striving to spread their culture to a wider audience.

“I think what we’ve become even more confident about is that over the next few years we’re actually going to see these memes impacting millions of people. They’re “They’re going to be one of the biggest drivers because they’re doing that kind of work, ‘to always bring in more people and do it in really creative ways,'” he added.

why is it important: Once considered a niche and unstable digital token, the rise of meme coins has taken a surprising turn. These tokens, often inspired by internet jokes and dog-faced avatars, have soared in popularity, raising questions about their potential as a bona fide asset class.

Additionally, the memecoin landscape has evolved significantly since the last Bitcoin halving, with the memecoin market capitalization at approximately $49.3 billion, according to CoinGecko data.

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