BRETT surges 12% to become top gaining meme coin

Brett, the largest meme coin on the Base Blockchain, surged over 12% on Monday amid positive sentiment sweeping across the crypto and stock markets.

At press time, Brett (BRETT) was still up 11.7% at $0.1395, according to Crypto.news data. During the same period, the meme coin, inspired by a character from the “Boy’s Club” comics, had a daily trading volume of $50.7 million.

BRETT 24-hour price chart | Source: crypto.news

BRETT has now become the 71st largest cryptocurrency by market cap, exceeding $1.38 trillion. Despite this rally, BRETT remains 27.8% off its all-time high of $0.1939.

The rise in BRETT follows a surge in Bitcoin (BTC), the largest crypto asset by market cap. Bitcoin rose 3.1% to $69,471 on Monday. This comes after Republican candidate Donald Trump announced plans to make Bitcoin a national strategic asset if elected in November.

Bitcoin’s 24-hour low and high were recorded at $67,320 and $69,842 respectively.

The meme coin sector also saw small gains in the last 24 hours, rising by about 3.4% and reaching a market value of $55.5 billion.

Bitcoin’s performance often impacts the broader cryptocurrency market, including meme coins. When Bitcoin performs well, it often increases investor confidence and interest in altcoins, creating a positive feedback loop that drives prices higher.

Brett’s rise has also been fueled by the continued success of the Base blockchain ecosystem. Launched by Coinbase in 2023, Base has accumulated over $1.727 billion in defi assets, making it the 6th largest chain in the industry, surpassing popular networks like Cardano (ADA), Avalanche (AVAX), and Polygon (MATIC).

Additionally, Brett and other altcoins benefited from the recovery in the US stock market, indicating risk-taking sentiment among investors. The Dow Jones index rose more than 650 points, while the S&P 500 and Nasdaq 100 gained more than 55 and 175 basis points, respectively.

Brett has shown a clear bullish trend over the last 24 hours as seen in the price chart. The price has climbed steadily from around $0.123 to around $0.140, indicating a strong bullish move.

From a technical perspective, Brett has formed a morning star pattern, which is a well-known reversal signal. Historically, the token has seen double-digit gains when this pattern appears. For example, on July 12, the formation of this pattern led to a 40% increase in the token’s price.

However, there is also a possibility that this recovery could be a dead cat bounce, where an asset experiences a brief rally before resuming its downtrend.