Following the announcement, DEGEN’s market efficiency surged, marking a 12% improve in worth. Despite earlier fluctuations, together with a pointy decline to a $40 million market cap, DEGEN has rebounded considerably, now stabilizing at a $500 million market cap. Its all-time excessive market capitalization reached $1.06 billion, underscoring its fast progress and recognition.
DEGEN started as a meme coin inside the Farcaster decentralized social community, gaining traction by its community-driven enchantment. Over time, it has developed to function the native token for Degen Chain, a Layer 3 blockchain that operates atop Base, an Ethereum Layer 2 scaling answer.
Degen Chain is designed to supply low-cost transactions and goals to foster a community-centric atmosphere for constructing decentralized initiatives. Its deal with affordability and inclusivity has helped place DEGEN as a number one asset on Base, now acknowledged as the biggest memecoin on the platform.
Implications of the Binance Listing
The introduction of a DEGENUSDT perpetual contract on Binance Futures is anticipated to extend the token’s market visibility and liquidity. Perpetual contracts permit merchants to take a position on DEGEN’s worth actions with out holding the underlying asset, making it a lovely choice for each long-term traders and short-term merchants.
However, buying and selling with leverage entails important dangers, notably in a unstable market phase like memecoins. Binance has suggested customers to rigorously contemplate their threat tolerance earlier than participating in high-leverage buying and selling.
