@dipedas

Base's current monthly active addresses stand at approximately 6.1M That sounds quite impressive. Until you look at the active address chart In June 2025, Base's monthly active addresses were 38.8M. Less than a year later, that's 85% down from peak Base has now returned to June 2024 levels, before the Supercycle, before the hype, before Coinbase positioned it as the center of retail crypto So why was there such a sudden spike? Most of those 38M peak addresses weren't real users they were speculators. From early to mid 2025, Base saw a meme coin trend and the chart spike is a direct reflection of that And the current fee story tells the same tale Over the last 30 days, Base generated $3.17M in fees 69.1% below peak ($20.68M) Meanwhile, Ethereum L1 earns that amount in a matter of hours. Hyperliquid, with a fraction of Base's address count is earning multiples more But Base does have some positives

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