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Decoding the DEGEN on Base Chain Meme Coins

2024-03-27 06:10:55

Introduction of DEGEN cryptocurrency

DEGEN is an unofficial token created for the Farcaster community, a decentralized social network. Launched in January 2024, it operates as an ERC-20 token built on the Base blockchain.

In recent months, the market share of Base's meme coin has seen a significant increase. As of March 26th, data from DefiLlama shows that Base’s total value locked (TVL) reached a new all-time high, amassing a total of $985 million. All of this is primarily because of the meme coins that are adopting Base blockchain, among which DEGEN is one of them.

Base’s total value locked (TVL)

Degen was initially introduced as a token to reward participants in the Farcaster Degen channel. Farcaster is a decentralized social media network, an open protocol built on Optimism, the Ethereum scaling network.

Various applications have been built of Farcaster to help perform social media functions; the most popular of them is Warpcast, where Degen started. The Warpcast is like Twitter, used to write posts (called casts), follow other users, and like or share people’s posts. 

Degen has altered the Farcaster ecosystem, Farcaster users earned Degen Points based on likes, reposts, and followers. They have a points system that recognizes individual postings and comments, thereby closing the gap between online contributions and real-world worth.

Emerging initially as a meme coin, DEGEN has evolved to attract a substantial community of developers, cryptocurrency content creators, and passionate supporters who have chosen to invest in the token. At its outset, during the launch phase, 15% of the total token supply was allocated to active members of Farcaster's Degen channel. There are intentions to distribute 70% of the total token supply through future airdrops, solidifying the token's distribution strategy and engagement within the Farcaster ecosystem.

The price of DEGEN rises in CoinEx

As of March 27th, data from CoinEx shows that the price of DEGEN has increased by approximately 2166.56% in the last 30 days, with the current price at 0.01848 USD.

DEGEN rises in CoinEx

The chart above is from CoinEx

Trade on CoinEx

CoinEx is a global cryptocurrency exchange trusted by over 5 million consumers globally, with 100% reserve. With over 900 tokens available, including DEGEN, users may trade effortlessly. To buy DEGEN tokens on CoinEx, follow these instructions. 

  1. Create an account: Sign up for a CoinEx account. 
  2. Deposit Funds: After logging in, fund your CoinEx account using any supported cryptocurrency or deposit method available on the exchange. With funds in your account, you can perform trades seamlessly.
  3. Navigate to DEGEN Trading Page: Once your account has been funded, visit CoinEx’s dedicated DEGEN trading page. To find DEGEN trading pairs on the spot trading page, use the search box and input the phrase “DEGEN.”
  4. Choose a trading pair: To trade DEGEN against USDT (Tether), use the trading pair DEGEN /USDT.(
  5. Specify the Purchase Amount: The next step is to specify the quantity of DEGEN you want to buy. On the trading page, you can buy them at the existing market price or set a limit for your desired buying price.
  6. Execute the Trade: Proceed using the provided amount. Confirm the information, and if you’re pleased, submit the order. 


*This article does not constitute investment advice.

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