Why is $degen on base tanking so bad?
Created at: 18 June, 2024 11:30 AM
Why is $DEGEN on Base Tanking So Bad?
Current Market Data
- Current Price: $0.0105
- Market Cap: $131.24M
- 24h Price Change: -17.30%
- 7d Price Change: -42.07%
- Circulating Supply: 12.48B DEGEN (33.77% of total supply)
- Total Supply: 36.97B DEGEN
- Fully Diluted Valuation: $388.68M
Social Media Insights
- Top 5 Memes on Base: $DEGEN is listed among the top meme coins on Base with a $150M market cap.
- Mint NFTs on Rarible: $DEGEN can be used to mint NFTs on Rarible.
- Layer-3s are the future: $DEGEN is highlighted as a Layer-3 token with a $171M market cap.
- Farcaster Giveaway: A giveaway involving 5000 DEGEN tokens.
- Claimable DEGEN: 1.1M DEGEN are now claimable for Farcaster members.
Analysis
The significant drop in $DEGEN's price can be attributed to several factors:
- High Volatility: As a meme coin, $DEGEN is subject to high volatility and speculative trading.
- Airdrop Impact: The large airdrop of tokens (15% initially, with plans for 70%) can lead to increased selling pressure as recipients may sell their tokens.
- Market Sentiment: Despite a positive sentiment (81.08%), the overall market conditions and recent price drops have likely contributed to the decline.
- Supply Dynamics: With only 33.77% of the total supply in circulation, future airdrops and token releases can further impact the price.
Stay tuned for more updates and keep an eye on the market trends!
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