As a seasoned researcher with a knack for deciphering the crypto market trends, I find myself intrigued by the meteoric rise of Degod (DEGOD) on its debut day. With a background that includes witnessing similar scenarios play out with tokens like Wormhole (W), Zksyn (ZK), and Notcoin (NOT), I can’t help but wonder if this is another case of FOMO-induced pump-and-dump or a legitimate long-term investment opportunity.
On its debut trading day, the freshly issued token called Degod saw a surge of more than 10%, fueled by traders’ eagerness to avoid potential losses.
At one point during the day, the price of DEGOD rose as high as $0.0095, but then dropped back down to $0.0075 by the time news was released. This dip in price caused its total market value to exceed $76 million.
As an analyst, I observed that the daily trading volume, as reported by DEXTools, stood at approximately $15.5 million. Notably, the majority of this activity originated from Raydium, the leading exchange within the Solana (SOL) ecosystem. Trailing closely behind were Meteora and Orca exchanges in terms of volume.
The creators of a well-known Solana Non-Fungible Token (NFT) teamed up with Sniper, a notable NFT trading platform, to introduce the Degod token.
As an analyst, I’ve observed a significant surge in DeGods NFT sales today. The sales skyrocketed by approximately 88%, reaching over $1.12 million. This increase was accompanied by a 77% spike in transactions, totaling 245 for the day. Over the long term, DeGods NFT sales have amounted to an impressive $18.1 million. Currently, there are 1,066 unique owners of these digital assets.
Over the past three years, I’ve noticed that the distribution of my beloved DEGOD tokens has been happening naturally. Now, this digital treasure is held by a diverse community of 41,241 unique investors spread across the Degods, yOOts, and dust ecosystems – a testament to its organic growth and wide appeal among crypto enthusiasts like myself.
Approximately 85% of these tokens are currently being held by various entities, while the remaining 15% has been distributed to the foundation and initial partners. The total number of tokens in circulation does not exceed one billion.
Typically, fresh crypto tokens tend to soar significantly following their release, only to later decline when some investors decide to cash out. For illustration, the Wormhole (W) token peaked at $1.8541 shortly post-launch, but has since fallen by more than 90%.
As a researcher, I’ve observed an intriguing trend: Zksyn (ZK) surged up to $5 but has since fallen dramatically to just $0.09. On the other hand, Notcoin (NOT), the widely-used tap-to-earn token, peaked at $0.029 before experiencing a steep 75% decrease, now trading at $0.0072.
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2024-09-16 17:40