---
title: "What Are Whales Investing in on Coinbase’s Base Network? Nansen Investigates"
url: https://diffcoin.com/what-are-whales-investing-in-on-coinbases-base-network-nansen-investigates/
description: "The first “crypto native degens” to use Base had a surprisingly large allocation to memecoins."
published: 2023-08-12
updated: 2023-08-12
author: "Mila"
site: "Diffcoin"
---

# What Are Whales Investing in on Coinbase’s Base Network? Nansen Investigates

Nansen – a blockchain market intelligence firm – released a report on Tuesday analyzing how the earliest whales to onboard Coinbase’s layer 2 blockchain – Base – are using their money.

Here’s what the company found.

- Early whales largely allocated to Ethereum and its layer 2 networks. As of August 7, the most value held by these whales ($19.6 million) was on Ethereum itself, followed by Base ($17.6 million), Arbitrum, and Optimism.
- Regarding tokens, ETH was the most common holding at $11.6 million. Beneath it were relatively large memecoin allocations, including Bald at $2.7 million (skewed by the BALD deployer), UNIBOT ($284,000), and BITCOIN ($273,000).
- Some of the most common entities these whales are interacting with include commonly used decentralized exchanges, such as Uniswap and 1Inch.

> “Most of their activity comprises DEXs, stables, L2s, and common DeFi apps,” wrote Nansen. Much like token and chain allocation, protocol usage tends to congregate around a few “trustworthy” DeFi apps.

- The analysis pertains to whales who bridged assets to Base before its official launch this week, meaning they had to access the ecosystem without a prepared front-end.
- Based on this, Nansen assumes many of those early depositors were “crypto native degens.”

> “In reviewing the landscape of Early Base Bridgers, it’s evident that the crypto-native segment is actively engaging with the BASE platform even prior to its official launch,” concluded the report.

- Base officially launched on August 9, accruing 136,000 daily active users within the first two days.

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