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Sunday, July 14, 2024

The Meme Coin Show Goes On as Degen Chain (DEGEN) Price Explodes

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  • The newly launched Degen Chain and its token DEGEN witnessed substantial growth, with the network registering significant transactional volume and user adoption.
  • DEGEN-related meme coins have also saw the light of day, experiencing substantial price increases.

The ever-evolving cryptocurrency sector recently witnessed the emergence of a new layer-3 blockchain network called Degen Chain. The latter is built on top of the L2 solution Base and has DEGEN as its native token.

The newly-introduced network has recorded transactional volume of nearly $100 million, onboarded over 130,000 addresses, and has more than 4 million completed transactions.

DEGEN’s price has skyrocketed by more than 210% on a weekly scale, touching the $0.06 mark. Its market capitalization currently sits at around $660 million, making it the 153rd biggest cryptocurrency.

DEGEN Price, Source: CoinGecko

Other tokens related to the layer-3 blockchain network that have taken off recently include Degen Swap (DSWAP) and Degen Pepe (DPEPE). The latter is up approximately 60% in the past 24 hours.

The hype surrounding DEGEN-based meme coins is the next following that concentrated on assets of that type built on the Solana blockchain.

Examples, including dogwifhat (WIF), Bonk Inu (BONK), BOOK OF MEME (BOME), and more, have experienced notable price growth and became some of the sensations of the latest bull market.

As CryptoPotato reported last week, WIF’s valuation exploded to an all-time high of $4 and a market cap of a whopping $4 billion. Its progress continued during the weekend, with the price peaking at $4.80 before retracing to its current level of $4.40 (per CoinGecko’s data).

WIF’s rally has also triggered significant profits for savvy traders who jumped on the bandwagon during the early days of the project. For example, one individual purchased over 2.5 million dogwifhat (WIF) tokens at the end of last year, spending just $310. As of the moment, the stash is worth almost $11 million.

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