Are You Based? Analyzing Degen, Toshi and Normie

Are You Based? Analyzing Degen, Toshi and Normie

An onchain dive into the top holders of trending tokens on Base

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Base has experienced surges in popularity since its inception, largely due to Friendtech, and is now seeing another wave, due to tokens of culture aka memecoins. 

Base Overview

We've observed activity on Solana soar, driven by a combination of its native token's value increase and low transaction fees, which facilitate widespread participation and the rotation among new memecoins. Although Base lacks a native token, it boasts low transaction fees—courtesy of EIP-4844—a strong focus on consumer applications, and an actively involved founder. Together, these factors could lead to a sustained surge on Base similar to what Solana experienced.

In this week’s issue, I’ll be looking into 3 tokens on base and sharing onchain insights I find on Nansen about those tokens.

A Look Into Three Trending Tokens


You can’t talk about Base without mentioning Degen. What started as a community token for Farcaster has now grown and evolved into a movement that’s adding tangible monetary value to contributions to the Farcaster ecosystem. 

Degen Token God Mode

Outside of the team wallets, liquidity pools and multisigs, top holders of Degen consist of 1confirmation who acquired 5% of Degen’s supply at $0.00054111 with a 2-year vesting period and a handful of whale wallets. 

Degen Top Holders

A few whale wallets have begun to take profits from a portion of their holdings over the last seven days. However, the exception is Token Millionaire: 0x2f79, which has accumulated an additional 63 million tokens. 

The trend for Smart Money is evident. The number of Smart Money wallets holding Degen has steadily increased since January 28, and their total holdings have risen similarly. This trend includes occasional periods of profit-taking and transfers to other wallets along the way. Currently, 87 wallets hold over 383M tokens.

Degen Smart Money Holders

In the last 7 days, we've observed the largest Smart Money holder taking profits but still retaining over $1.7M worth of Degen, originally acquired for $133K in February. The noticeable decline in balance from “skeet” on OpenSea is primarily due to the dispersal of tokens to 10 other wallets, which continue to hold these tokens. Aside from these two significant outflows, the majority of top Smart Money holders are maintaining their positions, with some even accumulating more tokens.

Degen Smart Money Holders


Vitalik has Hemule; Brian Armstrong has Toshi. Toshi is among the earliest memecoins on Base to gain significant traction and remains one of the largest memecoins on the chain.

Toshi Token God Mode

On a whole, we see little movement among the top holders except for a large inflow into Token Millionaire: 0xe451 which received the tokens from another wallet across dozens of transactions.

Toshi Top Holders

We see an interesting trend for Smart Money holdings of Toshi. While we’ve seen a decline in the total number of tokens held by Smart Money, there’s a gradual increase in the number of Smart Money wallets holding the token. Currently 37 wallets hold over 2.56B tokens. 

Diving deeper, I found this Smart Money wallet has deposited almost 1.2B Toshi into the Uniswap liquidity pool. However, even while including that, there’s still an overall decline in tokens held over time, suggesting some level of profit taking from early holders. 

Toshi Smart Money Holders

Among the largest Smart Money holders, we see minimal movement over the last 7 days. Over the last 30 days however, we see the top holder adding over $378K of Toshi.

Toshi Smart Money Holders


“Onboard the next billion users onchain” is a key mission statement at Base. The only way for that to happen is by onboarding the normies and that’s what Normie is all about. 

Normie Token God Mode

Considering the token's recent launch, we'll focus on the changes observed over the last 7 days. Generally, there hasn't been significant movement among the token's top holders." 

Normie Top Holders

Both Smart Money holders and their balances of Normie has essentially been up only since the inception of the token. Currently 28 wallets hold a total of 5.8M tokens. 

Normie Smart Money Holders

The largest Smart Money holders have continued to hold their positions over the last 7 days, however, we do see small amounts of profit taking over the last 30 days for 2 addresses.

Normie Smart Money Holders

While most chains focus on sectors such as DeFi or gaming, Base has chosen to chart its own path, concentrating on consumer applications. With experiments like Friendtech and Farcaster, it's only a matter of time before a killer consumer application emerges. Base could very well be on its way to becoming the blockchain that onboards the next billion users.

In the meantime, we have strong analytics support for Base across all tokens and addresses. Deep onchain insights are just a search away on Nansen. Dive into any token or address and set up alerts to get notifications of key onchain activities sent straight to your Telegram.

That’s all for this week – as always, feel free to reach out with comments or questions at


The authors of this content and members of Nansen may be participating or invested in some of the protocols or tokens mentioned herein. The foregoing statement acts as a disclosure of potential conflicts of interest and is not a recommendation to purchase or invest in any token or participate in any protocol. Nansen does not recommend any particular course of action in relation to any token or protocol. The content herein is meant purely for educational and informational purposes only and should not be relied upon as financial, investment, legal, tax or any other professional or other advice. None of the content and information herein is presented to induce or to attempt to induce any reader or other person to buy, sell or hold any token or participate in any protocol or enter into, or offer to enter into, any agreement for or with a view to buying or selling any token or participating in any protocol. Statements made herein (including statements of opinion, if any) are wholly generic and not tailored to take into account the personal needs and unique circumstances of any reader or any other person. Readers are strongly urged to exercise caution and have regard to their own personal needs and circumstances before making any decision to buy or sell any token or participate in any protocol. Observations and views expressed herein may be changed by Nansen at any time without notice. Nansen accepts no liability whatsoever for any losses or liabilities arising from the use of or reliance on any of this content.

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