As a researcher with experience in analyzing crypto market trends, I find Degen’s recent performance on the meme coin scene quite intriguing. According to IntoTheBlock data, Degen has been outperforming major meme coins like Dogecoin (DOGE) in terms of trader number and transactions. This is a remarkable achievement given that DEGEN‘s market cap is only 0.79% of DOGE’s.
Degen, the memecoin residing on the Base platform, is unexpectedly gaining significant momentum based on two key on-chain indicators, as it aims to move beyond its current label by introducing greater functionality through DEGEN Chain.
Based on information from IntoTheBlock, Degen has surpassed many popular meme coins in the market when it comes to the number of traders and transaction volume.
As a crypto market analyst, I’ve observed an intriguing trend in the metrics of several altcoins, including DOGE. Although it’s highly improbable for any coin to unseat DOGE from its current throne, the surge in these indicators suggests growing interest and popularity within the crypto community.
Degen ranks behind Dogecoin in these on-chain metrics
This February, Dogecoin reached a peak with approximately 769,000 active traders, making up around 75% of the total traders in the meme coin sector. In contrast, Degen had roughly 21,000 traders on February 26, representing only about 2% of the market.
On Monday, June 17th, Dogecoin led with a remarkable 134,000 traders, accounting for approximately 26.8% of the total trading activity. In contrast, Degen experienced significant growth over the past four months, amassing 115,000 traders and representing around 22.8% of the market.
Analysts at market intelligence and DeFi analytics platform IntoTheBlock noted that this accomplishment is impressive given DEGEN‘s market capitalization represents just 0.79% of Dogecoin’s.
DEGEN eyeing decentralized ecosystem
Meme coins with a strong foundation on the Solana blockchain, such as Degen (DEGEN), are gaining popularity alongside viral options. Today, Degen has experienced significant growth.
DEGEN’s value is climbing following Uphold’s announcement of listing the token. The meme coin aspires to move beyond its current reward system where users gain DEGEN tokens through engagement like liking, commenting, and owning NFTs.
DEGEN Chain aims to build a thriving ecosystem for decentralized applications (dApps) through its platform. DEGEN Chain is part of the Arbitrum Orbit network, connecting it to Base, while leveraging AnyTrust for ensuring data accessibility.
DEGEN is the native token that will power this ecosystem.
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2024-06-19 17:44