Give me a detailed analysis of $degen token

Fere Pro Created at: 20 December, 2024 09:17 AM

Detailed Analysis of Degen (DEGEN) Token

Overview:

  • Name: Degen (Base)
  • Symbol: DEGEN
  • Current Price: $0.01024
  • Market Cap: $176.86 million
  • Fully Diluted Valuation: $378.51 million
  • Circulating Supply: 17,272,477,838 DEGEN
  • Total Supply: 36,965,935,954 DEGEN
  • Max Supply: 36,965,935,954 DEGEN
  • Price Change (24h): -13.63%
  • Price Change (7d): -33.37%
  • Current Sentiment Positive: 36.36%

Description: Degen is a reward token designed for users of the Farcaster platform, emerging from meme culture. It features a unique tipping system that allows the community to reward high-quality content creators. Degen also powers the Degen Chain, a pioneering Layer 3 blockchain launched on Base, often referred to as the “Las Vegas of blockchains.” This platform is intended for building and utilizing Degen applications, fostering a space for fun, innovation, and community-driven experiences.

Tokenomics:

  • Circulating Supply Percentage: 46.73%
  • Trade Pair: DEGEN/USDT

Blockchain Information:

Categories:

  • Smart Contract Platform
  • Meme
  • Base Ecosystem
  • Layer 3 (L3)
  • Base Meme
  • Farcaster Ecosystem

Links:

Market Performance:

  • The token has experienced a significant decline in price over the past week, with a 33.37% drop. The 24-hour price change is also negative at -13.63%. This indicates a bearish trend, which may be influenced by market conditions or specific events related to the token or its ecosystem.

Summary

Degen (DEGEN) is a community-driven token that rewards content creators on the Farcaster platform. It operates on multiple blockchains, including Base, Ethereum, and Arbitrum. Despite its innovative approach and community focus, the token has faced recent price declines, suggesting potential volatility in its market performance.

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