Markets
BRETT hits new all-time high with market capitalization of $1.9 billion
Brett (BRETT), a meme coin on Coinbase’s layer 2 base, has caught the attention of the crypto community 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?
In the last 30 days, the value of the meme coin has increased by almost 445%. This price surge strengthened BRETT’s presence in the market, pushing its market capitalization from $1.66 billion to $1.92 billion in just two hours.
According to CoinMarketCap, BRETT is now the seventh largest meme coin by market capitalization, surpassing BOOK OF MEME (BOME) and approaching Solana Bonk (BONK). This makes BRETT the first meme coin on Base approaching a market capitalization of nearly $2 billion.
To know more: 7 Best Base Chain Meme Coins to Watch in June 2024
Market capitalization of BRETT. Source: CoinMarketCap
A community takeover (CTO) on X contributed significantly to Brett’s growing popularity, as highlighted by a report from social intelligence firm LunarCrush. The report highlights a remarkable 206% increase in Brett’s social media dominance in the last 30 days.
Enthusiastic community members expressed their goal to overcome The market capitalization of BONKa business reached up momentarily during the recent demonstration. This grassroots support has been instrumental to BRETT’s success, reflecting the power of community-driven projects in the cryptocurrency industry.
Presented in February 2024, BRETT draws inspiration from a character in Matt Furie’s “Boys’ Club” comic strip. His fun and relatable backstory has resonated with many cryptocurrency enthusiasts. This boosted his popularity, earning him the nickname “PEPE’s best friend on BASE”.
BRETT’s rapid rise has also attracted attention notable endorsements from prominent cryptocurrency traders, further strengthening its credibility and presence on the market. Renowned cryptocurrency trader Satoshi Flipper has openly expressed his bullish view on BRETT.
“I think BRETT will do very well too. Right now, they are the main meme tokens on Base, and with all the current momentum with building on Base,” he commented.
Despite its impressive performance, experts warn the inherent risks associated with meme coins. Ken Timsit, CEO of layer 1 (L1) blockchain Cronos, highlighted such assets volatility and financial risks.
To know more: 7 Hot Meme Coins and Altcoins That Are Trending in 2024
“Meme coin projects are volatile and can be financially risky. While the dream of getting rich overnight may be compelling for many people, it is important that users and developers continue to pay attention to other blockchain use cases such as DeFiWeb3 games, decentralized social platforms and decentralized infrastructure,” he told BeInCrypto.
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