Coinbase's Base Layer-2 Blockchain Buckles Under High Traffic as Fees and Stuck Transactions Surge Amid Meme Coin Hype

• Coinbase's Base layer-2 blockchain is experiencing high traffic and increasing fees, causing some transactions to get "stuck"

• Over $700 million in value is locked on Base, making it the 3rd largest layer-2 network on Ethereum

• Transaction counts have surged from around 200,000 per day to over 600,000 on Monday

• Due to the traffic, fees have increased with some users unable to cancel stuck transactions

• The rise in activity comes amid hype around "meme coins" and calls for a "Base season" among crypto influencers