What Caused the DEGEN Token to Soar, Was it When Farcaster Carried Out Series A funding?

Bittime - The value of the Farcaster community's Degen Token (DEGEN) soared 17% after the blockchain-based social media platform announced its success in raising $150 million in its latest funding round.

DEGEN: A Fast Growing Community Memecoin

DEGEN, a token created by the Farcaster community and not the protocol's official token, saw a 17% price spike following news of its launch and is currently trading at $0.023, according to CoinMarketCap.

In January, Jacek Trocinski, a visitor to Farcaster Degen's channel, launched DEGEN as a community memecoin.

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DEGEN Tokens Distributed to Users as Prize Claims

These tokens are distributed to users as rewards for their contributions in the form of quality content or interactions with other posts.

DEGEN's unexpected popularity prompted Trociński to launch a memecoin-focused layer-3 blockchain on Base, known as the DEGEN chain. This blockchain uses DEGEN as its official gas token.

Also read: Notcoin (NOT) Users Reach 30 Million Gamers, Crazy!

Farcaster Receives Fund Injection from 5 Large Companies

Farcaster recently raised Series A funding led by Paradigm, with participation from top venture firms such as Andreessen Horowitz, Haun, USV, Variant, and Standard Crypto.

According to Farcaster founder Dan Romero, this fresh funding will support Farcaster's work for years to come. Romero shared this announcement via a blog post on May 21.

Farcaster's Response Regarding Fund Injections

Romero, a former Coinbase executive, provided initial hints about the funding round of Merkle Manufactory, the company behind social platform Farcaster, on a Warpcast podcast in March.

Further details regarding this funding round are still under wraps, but Bloomberg reported that Merkle Manufactory's valuation is predicted to reach $1 billion after this funding.

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Farcaster's Rapid Growth

Farcaster, a still relatively new protocol, is showing rapid growth, as Jesse Walden, co-founder and general partner of Variant Fund, said in a May 21 statement.

According to Romero, this increase is expected to attract more users. Since October, Farcaster has recorded 350,000 paid registrations and a 50-fold increase in network activity.

The platform going forward will focus on increasing the number of daily active users and adding "developer primitives" to the protocol, such as channels and direct messaging.

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