The Base blockchain has seen its active addresses drop to an 18-month low, highlighting a significant decline in user engagement. This downturn occurs despite a surge in token creation, with over 100,000 new tokens being issued daily, driven by the popularity of meme coins and speculative launches. The decrease in active addresses and transaction volume suggests a potential shift in user behavior or migration to other platforms. Analysts point to several factors contributing to this trend, including the end of major airdrop campaigns and increased competition from other Layer 2 solutions. While the rise in token issuance indicates developer interest, the falling active address count raises concerns about the network's ability to sustain genuine user engagement. The coming months will be crucial for Base as it seeks to convert speculative activity into lasting utility within the competitive Ethereum Layer 2 landscape.