Glance:
- DEGEN's value has risen by 151.85% on a weekly basis, and is now valued at $0.04079 with a market cap of $509.7 million.
- It rose from an all-time low of $0.00002255 to an all-time high of $0.06454, registering an increase of 182,845.8%.
- The recent boosts are attributed to the listing of Bybit and the launch of the Degen L3 series, which resulted in a 68% increase in value.
- It plans to drop an additional 70% of the total supply, indicating a strong community focus and potential growth.
- It outperforms the broader cryptocurrency and token market with a 152.10% increase in 7-day price performance.
DEGEN coin has recently captured the attention of the cryptocurrency community, not only for its humorous assets but also for its great financial performance. The token is currently priced at $0.04079, and has seen a significant volume of $92,909,343.20 in the last 24 hours, albeit with a slight decline of 5.01% in the same time frame. However, the weekly data tells a more vivid story, displaying a staggering 151.85% increase in its value. This impressive performance resulted in a market capitalization of $509,700,799, with a circulating supply of 12,000,000,000 dejins of total supply and a maximum of 36,965,935,954 tokens.
A historic march: DEGEN's record-breaking breakthrough
DEGEN's journey has been nothing short of amazing, especially considering its all-time low of $0.00002255 on January 15, 2024, and the incredible rise to its all-time high of $0.06454 on March 31, 2024. This represents a whopping 182,845.8% increase . From its lowest point to the current price. The price range of the last 24 hours ($0.0336 – $0.04294) and last week ($0.01347 – $0.05984) shows the volatility of the token and the opportunities it offers to traders.
The token rises when Bybit is listed and the L3 chain is launched
The token's recent rise can largely be attributed to two major developments: its listing on Bybit and the launch of the Degen L3 series. These events have increased its visibility while also underscoring its usefulness and potential in the blockchain ecosystem. The 68% rise in its value following these announcements underscores the impact of strategic partnerships and technological advances on the value of the token.
The way forward: community-based airdrops
DEGEN originated as a reward token on Farcaster's Degen channel, with an initial airdrop of 15% of the total supply for active members. The future looks promising, with plans to drop an additional 70% of the total supply, indicating a strong commitment to its community and the potential for increased distribution and adoption.
DEGEN TRADING: Uniswap and Bybit dominate volume
Token trading is most active on Uniswap V3, Bybit and Gate.io, where high volumes indicate strong interest and liquidity. However, it saw a 7.10% decline in trading volume over the past 24 hours, indicating a temporary consolidation phase after the recent highs. This scenario is common in cryptocurrencies that have seen rapid price increases.
MEME FOR MARKET LEADER: DEGEN'S COMPARATIVE WIN
DEGEN's performance is particularly notable when compared to the broader cryptocurrency market and similar tokens. The token is significantly outperforming the global cryptocurrency market with a 7-day price performance increase of 152.10%. The latter saw a decline of 4.20%, while other cryptocurrencies fell by 1.20%.
The uptrend of the token versus the downtrend of the market
DEGEN's analysts think within the context of the broader market. With Bitcoin and Ether down 4.76% and 5.6% respectively, DEGEN's resilience and growth stand out. Furthermore, the expected Bitcoin halving in April 2024 and its historical impact on prices indicate a potential bullish market environment for cryptocurrencies, including this token.
Dejean: Positioned to succeed amidst volatility
DEGEN has evolved from a reward token into an important player in the cryptocurrency market. This shift exemplifies the volatile and opportunistic nature of cryptocurrency investments. The token has received strong support from the community. In addition, strategic technological developments have strengthened its position. Broader bullish indicators from the cryptocurrency market are also playing a crucial role. Thus, DEGEN is positioned for an interesting future.
Investors and enthusiasts are watching its performance with interest, especially in the context of upcoming market events such as the Bitcoin halving. Despite the inherent risks, there is potential for significant rewards, making DEGEN a token worth considering.
