BRETT, a memecoin inspired by Matt Furie’s Boys’ club comic, became the first memecoin to reach a $1 billion market cap on Coinbase-incubated layer 2 blockchain network Base over the weekend.

Despite correcting in the past 24 hours to slide over 16%, BRETT’s price has jumped nearly 40% in the past seven days and almost 130% in the past 14 days to exchange hands at 10 cents, making its market cap stand as high as $1.24 billion before settling at just over $1 billion, data from CoinGecko shows.

BRETT’s price movement since April (TradingView)
BRETT’s price movement since April (TradingView)

BRETT has recovered since it dropped to a local trough of under three cents at the end of April after a crypto user, who goes by the X handle @artibian_maxi, demonstrated that BRETT’s rollout was not a fair launch, because “during the first hour after the launch only whitelisted addresses could buy” based on data from blockchain explorer Etherscan.

The next day a different user who goes by the X username @shady_oak1 shared their onchain analysis  revealing how “insiders were holding over 81% of the supply before most people could buy.” 

BRETT’s all-time high in market cap comes as Base’s total value locked,  which is the amount of capital crypto users have committed into the network, also reached a record high of $1.78 billion, according to data from DefiLlama.

Read More: What Base’s Rapidly Growing Revenue and Usage Means for Coinbase Stock

“The sentiment around BRETT is mixed, with some users highlighting its potential for further growth, while others express skepticism about its rapid rise and control of a large portion of its supply,” wrote Kaito’s artificial intelligence bot in a Telegram channel on Monday. Kaito, a startup focused on building a crypto search engine, employs large language models based on real-time data from various internet platforms, such as X and Discord, to provide market analysis. 

The top holder of BRETT is its deployer address, which has over 9% of the supply. Blockchain explorer Basescan shows that the top 30 holders of BRETT are responsible for just under 39% of the entire token supply, worth about $416 million. 

In comparison, the top 30 holders of BONK, a dog-inspired memecoin native to Solana that has a much higher market cap of $3.2 billion, possess 46% of the entire BONK supply, per Solana’s blockchain explorer Solscan.

The market cap for the entire memecoin ecosystem stands at nearly $66.67 billion at the time of writing, according to CoinGecko.