The cryptocurrency market is buzzing after DEGEN, a memecoin native to Coinbase’s Layer 2 network, Base, experienced a dramatic price surge. Following its addition to Coinbase’s listing roadmap, DEGEN’s market cap skyrocketed, surpassing $160 million. This surge is part of a broader trend in which memecoins have become catalysts for increased blockchain activity.
DEGEN’s Meteoric Rise
Since Tuesday, DEGEN’s value has soared by 127%, climbing from $0.004 to $0.009 within 24 hours. Trading volumes exploded, leaping from $8.5 million to a staggering $136.8 million, according to CoinGecko data. This sharp increase followed Coinbase’s public announcement about adding DEGEN to its roadmap, sparking renewed interest in the token.
In addition, the memecoin saw increased activity after Jesse Pollak, the architect behind Base, was appointed to Coinbase’s executive team. Pollak’s leadership in developing Coinbase Wallet and now in driving Base’s growth seems to be aligning with DEGEN’s rapid rise.
Strategic Listing Boosts Coinbase’s Revenue Potential
For Coinbase, the listing of DEGEN is more than just another asset addition—it’s a calculated move. Memecoins often generate heightened blockchain activity, leading to increased transaction volumes. As Coinbase generates revenue from transaction fees, boosting on-chain activity on Base could have significant financial implications.
Julio Moreno, CryptoQuant’s head of research, commented that the current “memecoin season” has been shifting from blockchain to blockchain, with DEGEN being the latest to ride this wave. Base’s growing on-chain activity is crucial for Coinbase, making DEGEN’s inclusion on its platform a strategic win.
Community Enthusiasm and Rewards
DEGEN isn’t just gaining popularity among traders—it has also energized the community on decentralized social network Farcaster. Users on the platform can receive DEGEN through airdrops and tip content creators for high-quality posts, fostering deeper engagement. Despite recent price fluctuations, those loyal to the memecoin mechanism are now reaping the rewards.
The memecoin’s community on Farcaster has been particularly active, with users celebrating DEGEN’s upward trend. Luciano DeAngelo, an active user, noted that consistent participation in the DEGEN airdrop rounds has proven fruitful, especially with the 8th airdrop taking place just days ago.
Future Prospects for DEGEN, a memecoin on Coinbase-incubated Base, soared by 125% following its upcoming listing announcement, driving market cap to $160 million. Learn about the latest trends.r DEGEN
DEGEN’s listing on Coinbase will make it the fourth token native to Base to be supported for spot trading, joining WELL, AERO, and SEAM. The token is also used as a gas payment method for Degen Chain, a Layer 3 blockchain built on top of Base. With its recent resurgence, DEGEN could play a key role in bolstering the Base ecosystem, especially as Coinbase looks to expand its on-chain operations.
As DEGEN prepares for its Coinbase debut, the memecoin’s future looks bright, with strong community support and a strategic position within the Coinbase ecosystem driving its recent success.