BRETT becomes Base’s first memecoin to reach US$1 billion in market value

Memecoin BRETT, inspired by Matt Furie’s comic book “Boy’s Club,” has reached a significant milestone by becoming the first meme cryptocurrency to reach a market cap of $1 billion on the Coinbase-incubated layer 2 blockchain network called Base. This feat occurred during the last weekend.

According to data from CoinGecko, in the last 24 hours, the price of the BRETT memecoin has jumped more than 10%. At the time of writing this article, the cryptocurrency is costing US$0.11.

Furthermore, in the last seven days, the price of memecoin has jumped by more than 60%, and in the last 14 days, it has risen by about 130%. This raised memecoin’s market value to $1.13 billion.

Details about BRETT memecoin

The memecoin BRETT has shown a remarkable recovery after a difficult period in late April when its value fell to less than three cents. This initial decline was attributed to a controversial launch.

A cryptocurrency user, identified as @artibian_maxi on X, stated that the launch of BRETT was not fair. That’s because only whitelisted addresses were able to purchase during the first hour, according to data from blockchain explorer Etherscan.

The next day, another user, @shady_oak1, shared on-chain analysis indicating that insiders held more than 81% of the supply before most people could buy.

The rise of BRETT coincided with an increase in the total value locked on the Base network, which reached a record $1.78 billion, according to data from Defi Llama.

Either way, sentiment toward BRETT is mixed. While some users see significant growth potential, others express skepticism about its rapid rise and control of a large part of its offering.

Currently, the largest holder of the BRETT memecoin is the deployer address, which owns more than 9% of the total supply. Data from blockchain explorer Basescan shows that the top 30 BRETT holders control around 39% of the total token supply, valued at around $416 million.

By comparison, the top 30 holders of BONK, a dog-inspired memecoin native to the Solana network with a much larger market cap of $3.2 billion, hold 46% of the total BONK supply, according to blockchain explorer Solscan.