Degen (DEGEN): Thoroughly Peel the Token Nicknamed the Golden Dog in the Crypto Space

Bittime - The latest news from the crypto world highlights the phenomenal growth of Degen token which now has a market cap of $1.5 billion (around Rp21 trillion). Following the launch of the Degen channel on the Farcaster platform in January 2024, users are given the opportunity to use Degen to tip quality content creators. Currently, there are already more than 83,000 Degen token holders, and the number continues to grow rapidly.

Then, how did Degen grow into a billion-dollar "golden dog"? But before that, let's first understand what Farcaster is, a decentralized social media application that uses blockchain technology.

What is Farcaster?

Farcaster is a decentralized protocol that strengthens user and developer control over their data. This protocol paved the way for the creation of an on-chain-based social platform similar to Twitter. Built on blockchain technology, Farcaster prioritizes interoperability, privacy, and user autonomy.

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Airdrop DEGEN

Since January this year, Degen has quickly become popular in the Farcaster community, with community members rewarding their favorite quality content in the form of DEGEN+ comment counts.

users will get an allocation to tip others on a daily basis based on user activity and engagement on Farcaster.

The number of airdrops also depends on the number of tips a user receives based on the user's quarter, so users need to post quality content on Farcaster to get tips, and many active users even earn thousands of dollars per day.

Degen's Market Value Rises in 3 Months

The price of Degen experienced its first growth in conjunction with the increasing popularity of the Degen community. At present, Degen's market capitalization has increased from 10 million to around 50 million, and vice versa, Degen has also brought a wave of user growth to Farcaster. The description of the Degen Award by Pingfeng Teacher is very appropriate:

"Market value surpasses $1 billion in three months, reviewing DEGEN's 'golden dog' rise"

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Funding

In February, Degen announced the completion of an angel funding round of 4,905 ETH (approximately $1.47 million), led by 1confirmation, with participation from Farcaster OG and others, and the funds will be used to grow the Degen ecosystem and community. Part of the shares were also given to several community projects, such as Dracula, etc., which also formed the basis for the utility Degen.

Application

Dracula, similar to TikTok's app but more decentralized on the Base network, was launched on March 14 by Alex Masmej, a fan token issuer previously $ALEX, and received investment from Paradigm.

Thanks to 10 million DEGEN (now worth about 500,000 US dollars) given by the Degen community, the Dracula app uses degen as a token, and users can use degen to buy their favorite bloggers, similar to Friend tech gameplay, users can also post and watch short videos, share links, buy creator tokens to earn points, and use BLOOD for tips.

In addition, similar to the NFT creation platform zora, community projects http:// Bracket.Game and http:// Rounds.wtf also implement degen as a native token. By this time, Degen's market capitalization had grown to around 70 million-100 million. DegenCast will also use Degen to purchase creator keys.

Degen Development

Degen started the road to opening on March 20, first of all, on March 29, Degen announced a cooperation with Syndicate to develop Base-based L3, Degen Chain gas tokens are also DEGEN, and Degen Chain has more than 4 million transactions and more than 100 thousand wallets to date.

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Inspired by Degen

Degen comes from the Farcaster community, rooted in the Base network, and it can be said that together with Farcaster/Base, Degen prices attract users, and without the Farcaster community, Degen would not be created, and the Farcaster community project also provides application scenarios for Degen.

Conclusion

Degen's ascension also gave Farcaster an avenue for community project development, and subsequent projects like Dracula, DegenCast, etc. are worth looking forward to. All this shows the evolution of Degen from a standalone entertainment token project in the community, to a social core project utility token, and then to a gas token of the public chain. The progress of each of these narratives reflects a significant increase in valuations.

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To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. 

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

DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.