Base Memecoins Signal Bigger Moves as Market Sentiment Turns Bullish

The memecoin sector is once again warming up as the wider cryptocurrency market begins to show signs of renewed strength.

On Base, some of the most well-known and even controversial meme tokens are signaling new life and seem poised to lead the next wave of memecoin momentum. Investor enthusiasm is evident; still, the picture being painted by the charts, communities, and price behavior of several Base-native tokens is mixed at best.

With trading all the more active as the market leaves behind its latest correction, base memecoins are well positioned to once again be the harbingers of explosive moves. What remains uncertain is just how far that base can take holders. That’s because not all of the meme tokens associated with the projects that are leading the charge from their recent lows can be counted on to move in unison.

Toshi: A Coinbase Listing and a Proof of Persistence

One of the first and most well-known memecoins on the Base network is Toshi, a project that has steadily built a good reputation through community commitment and ongoing development. A couple of months ago, it landed a listing on Coinbase, a rare score for a meme asset. Following the listing, Toshi experienced an explosion in trading volume, pushing its market cap to a peak of approximately $900 million in a matter of days.

Since then, however, Toshi has cooled off significantly, its market cap currently oscillating between $100 million and $200 million. The pullback is largely reflective of broader market sentiment, as the crypto space went through a period of de-risking amid global financial uncertainty. Still, Toshi remains one of the most promising meme tokens based on Base, with a strong track record of building and maintaining its community — a factor that often precedes sustainable rallies in the meme coin sector.

Toshi: $Toshi is one of the OG memes on Base and their community have been building for a while, all the work and time consuming building has rewarded them a Coinbase listing a couple months ago. The listing news and actual listing resulted in a major pump. Toshi ran up to 900M… pic.twitter.com/RRLKTGPDl2

— Sean (@Parmeseau) May 10, 2025

Brett: Market Leader Shrouded in Controversy

While Brett reigned as the largest Base memecoin by market capitalization — with an all-time high exceeding $2 billion — it too was one of the most divisive. Despite being the dominant token, many Base ecosystem participants raised concerns about the behavior of its community and claims that internal dynamics were off. There were accusations of insider trading, large holders being over-involved, and, well, kind of pretending to be nice while maintaining a toxic culture.

Still, from a technical perspective, Brett shows relatively healthy chart patterns. The price action clearly indicates consolidation phases, followed by what appear to be legitimate breakout moves. This suggests that there is some order to the apparently random upswings and downswings, with people actually placing buy and sell orders in a way that makes the appearance of price moves somewhat logical. If it was just hype and a few people all at once making buying decisions to try to push the price up, then we’d expect the moves to look more random.

Keycat and Doginme: Coinbase Listings Without Follow-Through

Another pair of tokens that has come under the spotlight of late is Keycat and Doginme. Coinbase seems to have a two-month backlog with them, as they were both recently listed under that exchange’s aegis. They now appear on the much-maligned platform in a two-way tie for “Nom de Coin” entries as they each sport a character name reminiscent of Ancat, the synaptic feline mentioned earlier, and an entirely different other character named Doginme. As with many Coinbase-listed tokens of late, Keycat and Doginme have given their early adopters some giddy trading moments. They each blasted off to a couple of early, post-listing price kisses above 0.000005 and are now back trading, rather aimlessly, in the low 000001s.

The charts they show tell a disturbing story: the price action seems to be mostly influenced by news events rather than community activity or even, at times, consistent engagement. What we’re seeing, then, is a lot of action both upward and downward that looks very much like a classic pump and dump — a not-so-classic sign of healthy growth. Established consolidation ranges would allow communities to build long-term positions. Without them, all of this seems liable to lead, at best, to a future in which some communities of holders kind of sort of believe in their assets and, at worst, to a future in which all of this is just a play for future “market makers.”

The lackluster performance may also be linked to a more unpredictable appearance of traditional finance and a correspondingly risk-averse disposition within the crypto space. Still, the possible resurgence of interest remains should either token manage to shift toward the kind of grassroots development and steady ecosystem appearance that, back in the day, seemed to be the X-factor for both tokens.

Looking Ahead

Base memecoins are flexing their strength right now, and this in turn has a lot of investors watching closely for any signs of a potentially much larger Base rally.

A few factors seem to be coalescing to create what some are calling a “Base breakout.” For one, the memecoins ecosystem on Base has continued to push out new projects, which have listed recently on different centralized exchanges (CEXs). Fairly unprecedented access to the CEX world has also started to happen for Base memecoins, amplifying the attention and visibility they get when they spring to life and do well.

We can see that the Base meme tokens are not going anywhere as the market shows signs of picking up. At this stage, it’s hard to tell if we’re looking at the kickoff of a new meme coin cycle or if we’re just experiencing another momentary meme burst. Whatever the case may be, the next steps in community engagement and chart performance will make it clearer.