Memecoin: Why is Degen (DEGEN) Price Soaring? This is the Cause

Bittime - 2024 will be a tumultuous year for the crypto world. Big players like Bitcoin have reached their highest peaks, surprising everyone.

In fact, several big names are starting to flock to the world of crypto in a way that has never happened before.

On the other hand, meme coins also don't want to be outdone. They have taken over the internet in unimaginable ways.

One meme coin that is attracting attention is Degen (DEGEN). This article will examine the Degen coin (DEGEN) price prediction in more detail.

What is Degen (DEGEN)?

Degen (DEGEN) is a cryptocurrency token that was originally created as a reward for participants on the Farcaster Degen channel.

It started out as a meme coin, but now has a large community of supporters, including developers, crypto content creators, and other crypto enthusiasts.

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Reasons why Degen (DEGEN) prices are soaring

Degen, a memecoin that has recently skyrocketed in popularity, has launched its own Layer 3 network.

On March 28, Degen collaborated with Syndicate, a Layer 3 infrastructure provider, to launch Degen Chain.

The chain is built on Arbitrum Orbit technology and will process transactions on Base, the Ethereum Layer 2 platform where DEGEN was first launched.

Degen Chain will also use AnyTrust for data availability services. This integration of Layer 3 functionality increases the usability of the DEGEN token, which now functions as a network gas token for the Degen Chain.

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The Future of Degen Chain

Will Papper, co-founder of Syndicate, emphasized selecting Arbitrum Orbit for its flexibility and compatibility with customizable gas tokens.

Completing transactions on Base facilitates smoother connectivity and movement between Base, Coinbase, and other platforms for users and developers.

In the future, Degen Chain will be the main platform for the DEGEN token and its community. The platform is also open to third-party developers to contribute to the development of the network.

Jacek, founder of DEGEN, revealed that several social finance applications, such as Farcaster PayBot, Perl, and LottoPGF, are interested in utilizing Degen Chain.

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Current DEGEN/USD Price

Currently, Degen is trading at IDR 727.61 (assuming an exchange rate of IDR 15,200 per USD) with a 24-hour trading volume reaching IDR 148.78 billion.

Its market capitalization is IDR 9.1 trillion, with market dominance of 0.02%. In the last 24 hours, DEGEN price has jumped 44.14%.

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Highest Price Degen (DEGEN) 

Degen's highest price was recorded on March 31, 2024, reaching an all-time high of IDR 894.86. On the other hand, the lowest price was observed on January 15, 2024, plummeting to an all-time low of IDR 0.34.

Degen's price experiences a cycle of ups and downs after reaching its highest price. The lowest point after the highest price was $0.046441, and the highest price since then was $0.047877.

Currently, sentiment towards the Degen price prediction looks positive, with the Fear & Greed Index showing a value of 75 (Greed).

DEGEN Token Circulation

Currently, there are 12.48 billion DEGEN tokens in circulation out of a maximum total supply of 36.97 billion tokens.

Increased Momentum

DEGEN's recent increased momentum is related to its increasingly widespread adoption within the Base ecosystem.

DEGEN has developed into an effective fundraising tool, as evidenced by the project's success in securing $1.5 million in grant funding last month to support new projects.

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Memecoin Sector Momentum

DEGEN is also capitalizing on the growing momentum in the memecoin sector. The collective market capitalization of meme tokens currently stands at $70.4 billion, representing an incredible 200% increase since the start of the year.

Early Start DEGEN

DEGEN first launched in January, capitalizing on the rising popularity of Farcaster, a decentralized social platform that is experiencing significant growth.

Farcaster Experiences Surge in Active Users & DEGEN Token Growth

Farcaster, a decentralized social media platform, has recently seen a huge surge in active users.

According to Dune Analytics, Farcaster's number of daily active users is increasing rapidly, reaching 40,000 in early February, up from 2,000 in early January.

This is an increase of 2,000% and is an all-time high for the platform. As of March 26, Farcaster still had over 32,000 active users in a 24-hour period.

One of the factors driving this growth is the launch of the DEGEN token. DEGEN is distributed to Farcaster users via airdrop and is designed to encourage engagement on the platform, such as tipping and liquidity mining.

Since its launch, the DEGEN token has experienced tremendous growth. The price has doubled in the past week and skyrocketed 2,045% in the last 30 days.

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