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DEGEN – Price, Market Cap, Chart & News

by | May 30, 2024 | Meme coins | 0 comments

What is Degen (DEGEN)?

Degen (DEGEN) is a cryptocurrency that originated as a reward token for participants in the Farcaster Degen channel. It has since gained a substantial following within the crypto community, with many enthusiasts embracing the term “degen” as a symbol of their commitment to the industry and their willingness to take risks.

The Degen project aims to reshape the Farcaster ecosystem by incentivizing quality content creation and active participation. By rewarding users with DEGEN tokens, the platform encourages a vibrant and engaged community that contributes to the growth and development of the project.

Degen’s Origin and Purpose

Degen was initially launched through an airdrop within the Farcaster ecosystem. During its initial distribution, 15% of the total DEGEN supply was airdropped to active members of the Farcaster’s Degen channel. This airdrop served as a way to reward early adopters and contributors to the platform.

The purpose of Degen extends beyond being a mere reward token. It aims to foster a thriving crypto community that values quality content, active participation, and a sense of belonging. By aligning incentives and providing a means of recognition, Degen seeks to create a more engaged and committed user base within the Farcaster ecosystem.

Degen Token and L3 Chain

Degen Token (DEGEN) is an ERC-20 token that was launched in January 2024. It serves as the native cryptocurrency of the Degen ecosystem, powering various functionalities and transactions within the platform.

In addition to the token, Degen also has its own blockchain called the Degen L3 chain. This chain is designed to be EVM compatible, meaning it can seamlessly interact with other Ethereum-based networks. One of the key features of the Degen L3 chain is its low transaction fees, making it an attractive option for users who want to turn their content into currency without incurring high costs.

Degen Price, Market Cap, and Supply

As of the latest data, Degen (DEGEN) has made significant strides in the cryptocurrency market. Let’s take a closer look at its current price, market capitalization, and token supply.

Current Degen Price and 24h Trading Volume

The current price of Degen stands at $0.01093 USD. This represents a notable increase from its all-time low of $0.007187 USD, which was recorded on June 18, 2024. Over the past 24 hours, Degen has experienced a trading volume of $39,859,001 USD, indicating a significant level of market activity.

Moreover, Degen has witnessed an impressive price change percentage of 32.31% in the last 24 hours. This surge in price demonstrates the growing interest and demand for the DEGEN token within the crypto community.

Degen Market Cap and Rankings

Degen boasts a market capitalization of $154,934,020 USD. This market cap positions Degen at rank #302 on CoinMarketCap, a leading cryptocurrency data aggregator. The market cap reflects the total value of all DEGEN tokens in circulation.

The fully diluted market cap, which takes into account the maximum supply of DEGEN tokens, stands at an impressive $403,909,665 USD. This metric provides insight into the potential market value of Degen if all tokens were to be in circulation.

Degen’s Circulating and Max Supply

The circulating supply of Degen currently stands at 14,179,608,879 DEGEN tokens. This represents the number of tokens that are actively being traded and held by users in the market.

Degen has a maximum supply of 36,965,935,954 DEGEN tokens. This cap ensures that there is a finite number of tokens that will ever be in existence, helping to maintain the scarcity and value of the token over time.

Metric Value
Price $0.011
Market Cap $154,934,020
Fully Diluted Market Cap $405.34M
Circulating Supply 14,179,608,879 DEGEN
Max Supply 36,965,935,954 DEGEN

Where to Buy and Trade Degen

If you’re interested in acquiring or trading Degen (DEGEN), you have several options available. Degen is listed on a number of reputable cryptocurrency exchanges, making it accessible to a wide range of investors and traders.

Top Exchanges for Trading Degen

Some of the top exchanges where you can buy and trade Degen include:

  • BTCC
  • Bybit
  • LBank
  • Bitget
  • BloFin

These exchanges offer various trading pairs and liquidity options, allowing you to buy Degen using other cryptocurrencies or fiat currencies, depending on the platform.

It’s important to note that before trading on any exchange, you should conduct thorough research and ensure that the platform is reputable, secure, and compliant with relevant regulations. Additionally, make sure to follow best practices for storing and managing your cryptocurrencies, such as using hardware wallets for long-term storage.

Degen in the Crypto Community

The term “degen” has taken on a unique meaning within the crypto community. Originally derived from the word “degenerate,” it has evolved to represent a specific type of investor or trader in the cryptocurrency space.

The Meaning of ‘Degen’ in Crypto

In the context of cryptocurrencies, a “degen” refers to individuals who engage in high-risk trading or speculative investing practices. These individuals often make decisions based on hype, emotions, or the fear of missing out (FOMO), rather than relying on fundamental analysis or due diligence.

Degens are known for their willingness to take on significant risks in pursuit of quick profits. They may invest in obscure or unproven projects, participate in pump-and-dump schemes, or engage in leveraged trading without fully understanding the potential consequences. This behavior is often characterized by a disregard for traditional metrics, tokenomics, and risk management strategies.

Degen: From Derogatory to Embraced Term

Interestingly, the term “degen” has undergone a transformation within the crypto community. While it originated as a derogatory term, often used to describe reckless gamblers in the sports betting world, it has been embraced by many cryptocurrency enthusiasts.

In the crypto space, being called a “degen” can be seen as a badge of honor, representing a person’s deep involvement in the industry and their willingness to take risks. Degens are often passionate about cryptocurrency projects and actively contribute to the growth and development of the ecosystem.

However, it’s important to note that the glorification of “degen” behavior can also have negative consequences. Encouraging excessive risk-taking and disregarding fundamental analysis can lead to significant financial losses and market instability.

Degen Ecosystem and Use Cases

The Degen ecosystem encompasses various components and use cases that aim to provide value and utility to its users. At the core of the ecosystem is the Degen Token, which serves as the primary means of exchange and incentivization within the platform.

Rewarding Quality Content with Degen Token

One of the key features of the Degen ecosystem is its focus on rewarding quality content creation. Within the Farcaster ecosystem, users who contribute valuable and engaging content are rewarded with Degen Tokens. This incentivizes users to actively participate in discussions, share insights, and provide meaningful contributions to the community.

The Degen ecosystem utilizes a points system to recognize and reward unique posts and comments. This system helps bridge the gap between online contributions and real-world value, enabling users to turn their content into a form of currency.

AlfaFrens: Offering Private Alpha Chats

Another notable component of the Degen ecosystem is AlfaFrens, a featured decentralized application (DApp). AlfaFrens offers private alpha chats, allowing users to access exclusive investment insights and discussions.

Through AlfaFrens, users can subscribe to influencers and thought leaders using $DEGEN tokens. These subscriptions grant access to premium content, private chat rooms, and personalized investment advice. The platform is powered by Superfluid, a cutting-edge technology that enables seamless and efficient token streaming and subscription management.

Ecosystem Component Description
Degen Token The native ERC-20 token of the Degen ecosystem, used for incentivization and transactions.
Farcaster Ecosystem The broader ecosystem where Degen operates, enabling users to reward others with DEGEN for posting quality content.
Points System A system that recognizes and rewards unique posts and comments, helping to assign value to online contributions.
AlfaFrens A DApp that offers private alpha chats, allowing users to subscribe to influencers and access exclusive investment insights.
Superfluid A technology platform that powers AlfaFrens, enabling efficient token streaming and subscription management.

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