Brett (BRETT), a meme coin on Coinbase’s layer-2 Base, has captured the crypto community’s attention with its remarkable performance.
Recently, BRETT reached a new all-time high (ATH) of $0.1939, marking a significant milestone.
What’s Behind BRETT’s Meteoric Rise?
Over the past 30 days, the meme coin’s value has surged by nearly 445%. This price surge boosted BRETT’s market presence, propelling its market capitalization from $1.66 billion to $1.92 billion in just two hours.
As per CoinMarketCap, BRETT now ranks as the seventh-largest meme coin by market capitalization, surpassing BOOK OF MEME (BOME) and nearing Solana’s Bonk (BONK). This makes BRETT the first meme coin on Base to approach a nearly $2 billion market cap.
Read more: 7 Best Base Chain Meme Coins to Watch in June 2024
A community takeover (CTO) on X significantly contributed to Brett’s rising popularity, as evidenced by a report from the social intelligence firm LunarCrush. The report highlights a remarkable 206% increase in Brett’s social media dominance within the last 30 days.
Enthusiastic community members expressed their goal to surpass BONK’s market cap, a feat achieved momentarily during the recent rally. This grassroots support has been instrumental in BRETT’s success, reflecting the power of community-driven projects in the crypto space.
Introduced in February 2024, BRETT draws inspiration from a character in Matt Furie’s “Boys’ Club” comic. Its humorous and relatable backstory has resonated with many crypto enthusiasts. This bolstered its popularity, earning it the nickname “PEPE’s best friend on BASE.”
BRETT’s rapid ascent has also attracted notable endorsements from prominent crypto traders, further enhancing its credibility and market presence. Renowned crypto trader Satoshi Flipper has been vocal about his bullish outlook on BRETT.
“I think BRETT is also going to do really well. Right now, they are the top meme token on Base, and with all the current momentum with building on Base,” he commented.
Despite its impressive performance, experts caution against the inherent risks associated with meme coins. Ken Timsit, managing director at layer-1 (L1) blockchain Cronos, emphasized such assets’ volatility and financial risks.
Read more: 7 Hot Meme Coins and Altcoins that are Trending in 2024
“Meme coin projects are volatile, and they can be financially risky. While the dream of overnight riches can be compelling for many people, it is important that users and developers continue to pay attention to other blockchain use cases such as DeFi, Web3 gaming, decentralized social platforms, and decentralized infrastructure,” he told BeInCrypto.
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