KEY POINTS
- $PEPE's best friend on Base saw 34.7% growth in the last seven days
- $BRETT trader Crash said a $1b market cap hasn't even scratched the surface of the token's potential
- The team said early last month that it only expects an uptrend for $BRETT for the rest of 2024
$BRETT, popularly known as $PEPE's "best friend" on Coinbase's Ethereum layer 2 blockchain Base, has just announced that it passed $1 billion in market capitalization, marking a significant milestone in the top memecoin's four-month journey since launching in February.
By comparison, Dogecoin (DOGE), the world's largest memecoin by market cap, took several years before it could reach a $1 billion market value. $PEPE also reached the said achievement in several more months than $BRETT.
The memecoin's latest achievement illustrates the apparent excitement the memecoin market has for the token, a spokesperson for the team behind $BRETT told International Business Times Monday.
Welcome to the 1 Billy club pic.twitter.com/Tx3Kwd1wPO
— Brett (@BasedBrett) June 2, 2024
The token has seen a significant 34.7% growth in the past week and remains the top Base memecoin by market value as per data from CoinGecko.
"We haven't even reached the beginning for $BRETT growth. This isn't even the pregame warm-up. We are still in the pregame locker room for Brett, pseudonymous $BRETT trader Crash told IBT. "A market cap of $1 billion doesn't even begin to scratch the surface of where this coin will go," he added.
Crash isn't the only one who feels the token will soar higher. Decentralized finance (DeFi) venture capital firm Coral DeFi said Saturday it is "long $BRETT given its continued strength while most other altcoins have lost value." It also noted how a significant number of Base memecoins have fallen "hard" in the last few months, but "$BRETT is our largest hold on Base."
We are long $BRETT given its continued strength while most other altcoins have lost value.
— Coral DeFi (@coraldefi) May 31, 2024
Base coins fell hard over the past few months, but with Coinbase smart wallets around the corner and a positive catalyst with the $ETH ETF, we believe Base will have a second wave of… pic.twitter.com/tdWuKqkCYT
Following its recent launch on leading lending and borrowing DeFi platform Seamless Protocol, the token has only seen amazing momentum. Continued community support and positive secondary indicators such as the recent approval of spot Ether (ETH) exchange-traded funds (ETFs), futures trading for flagship memecoin DOGE on Coinbase Derivatives, and the continuing anticipation that Bitcoin (BTC) will ultimately hit $100,000, are expected to drive further growth for the memecoin.
"$BRETT's growth picture remains even more bullish than this current all-time high market capitalization," the team said.
$BRETT has a fixed total supply of 1 billion tokens and has a 6% transaction tax distributed to liquidity pools and burned tokens, with the goal of reducing the overall supply and potentially increase the token's value further over time.
Earlier last month, as the coin neared a $500,000 market cap, the team told IBT that it remains bullish for the rest of the year, considering how the token has held strong despite the recent movement of the memecoin market.
