DEGEN, the native cryptocurrency of the decentralized social media platform Farcaster, experienced a rapid decline in value after it was listed by Coinbase, the leading cryptocurrency exchange in the USA.
Coinbase Listed
DEGEN, listed by Coinbase, has since fallen from $0.011 to $0.008, down 27% from its one-week peak.
DEGEN is a token offered as a reward to active participants of the Farcaster platform and also works in conjunction with the Degen Chain, which is built on Coinbase’s blockchain Base. Degen Chain is defined as a platform where users can develop Degen applications.
DEGEN is a reward token for Farcaster users born from meme culture. It uses a unique tipping system that allows the community to reward quality content creators.
Total Supply and Distribution
Launched in January, DEGEN has a total supply of 37 billion tokens. According to the project, approximately 70% of the supply is planned to be sold to investors.
At launch, we generated approximately 37 billion tokens, 70% of which were allocated to the community! The other 15% will be used to create a liquidity pool, and the remaining 15% will be used to support our team, investors and the broader ecosystem. Additionally, there is an inflation rate of 1% starting in 2028.
DEGEN token aims to offer various advantages to its users by combining decentralized social media and blockchain technologies. The decrease in value following the increased visibility with Coinbase support is considered an indicator of market fluctuations.
Users and investors continue to carefully analyze the sustainability and future potential of the DEGEN token. In this process, DEGEN’s ecological structure, token distribution and community-oriented system are seen as important factors for the long-term success of the project.
DEGEN’s future performance will depend on both the state of the overall crypto market and users’ interest in the platform.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that crypto currencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
