Meme token Basecat on the Base chain surged over 18x in 24 hours, with a market cap peaking above $20 million.

BlockBeats News, August 17, according to the GMGN market data, the Base layer L1 Meme token Basecat broke through a $20 million market capitalization this morning, reaching a historic high. The current market cap is $13.6 million, with a 24-hour trading volume of $27.7 million, and a 24-hour increase of over 18x.

Recently, the Base App official account has been frequently posting content related to cats in a highly meme-ified style. The community believes this is related to a change in style after the Base App was taken over by individuals associated with Cobie. As a result, Basecat was quickly deployed on the Base chain to ride the wave of the "official cat narrative." Please note that this token is not officially issued, is not endorsed by the official team, and is solely a community-issued token.

BlockBeats reminds users that Meme coins often lack practical use cases, experience significant price volatility, and investment should be approached with caution.