DEGEN Meme Coin is Skyrocketing: Why is DEGEN Price UP?

One such meme coin is the DEGEN coin. Let's take a look at this DEGEN coin price prediction article in more detail.

Prasanna Peshkar

Prasanna Peshkar

March 31, 2024 7:38 AM

DEGEN Meme Coin is Skyrocketing: Why is DEGEN Price UP?

In 2024, the crypto world has been a rollercoaster ride! Big players like Bitcoin have hit record-breaking highs, making everyone’s jaws drop. And guess what? Even the big institutions are hopping on the crypto train like never before. But hey, let’s not forget the fun stuff – meme coins! They’ve taken the internet by storm in ways nobody could have imagined! One such meme coin is the DEGEN coin. Let’s take a look at this DEGEN coin price prediction article in more detail.

Degen, a token that hit the scene in January 2024, has been changing things up in the Farcaster world. Now, Casters can show their appreciation by giving out DEGEN for top-notch content. With its points system, they are making sure that every awesome post and comment gets the recognition it deserves, connecting online contributions to real-world value seamlessly.

Why is the DEGEN Coin Price UP? 

Incredible turnout on the Degen chain, surpassing $1M bridged and over 2M transactions! We're on track to cultivate an awesome ecosystem where creators and developers unite for some serious fun. Massive gratitude to all our early adopters for their unwavering support!

Degen, a memecoin that has recently experienced a surge in popularity, has introduced its own Layer 3 network.

This development, unveiled on March 28, sees Degen partnering with Syndicate, a Layer 3 infrastructure provider, to unveil Degen Chain.

Built upon the Arbitrum Orbit technology stack, this chain will process transactions on Base, the Ethereum Layer 2 platform that DEGEN originally launched on. Additionally, it will leverage AnyTrust for data availability services. The integration of Layer 3 functionality enhances the utility of the DEGEN token, which now serves as the network’s gas token for Degen Chain.

Will Papper, co-founder of Syndicate, highlighted the selection of Arbitrum Orbit due to its adaptability and support for customized gas tokens. Settling transactions on Base facilitates smoother bridging and on/off-ramping between Base, Coinbase, and other platforms for both users and developers.

Moving forward, Degen Chain will serve as the primary platform for the DEGEN token and its community. Moreover, the project is welcoming third-party developers to contribute to the network’s growth.

Jacek, the founder of DEGEN, mentioned the interest of several social finance-focused applications in utilizing Degen Chain, including Farcaster frames PayBot, Perl, and LottoPGF.

How high can the DEGEN Coin price go?

As of today, the price of Degen stands at $0.047877, accompanied by a 24-hour trading volume of $9.81 million. Its market capitalization is valued at $597.59 million, with a market dominance of 0.02%. Over the past 24 hours, the DEGEN price has surged by 44.14%.

The highest recorded price for Degen occurred on March 31, 2024, reaching an all-time high of $0.058950. Conversely, its lowest price was observed on January 15, 2024, plummeting to an all-time low of $0.00002274. 

Following its all-time high, the lowest price experienced was $0.046441 (cycle low), while the highest price since this low point was $0.047877 (cycle high). Presently, the sentiment towards Degen’s price prediction appears bullish, with the Fear & Greed Index indicating a value of 75 (Greed).

In terms of circulation, Degen currently has 12.48 billion DEGEN tokens in circulation out of a maximum supply of 36.97 billion DEGEN tokens.

The recent surge in momentum can be linked to the increasing adoption within the Base ecosystem. DEGEN has notably evolved into a means for fundraising, as evidenced by the project’s successful attainment of $1.5 million in grants last month, aimed at bolstering emerging projects.

Furthermore, DEGEN has capitalized on the burgeoning momentum in the memecoin sector. The collective market capitalization of meme tokens currently stands at $70.4 billion, marking a remarkable 200% increase since the beginning of the year.

DEGEN made its debut in January, leveraging the rising popularity of Farcaster, a decentralized social platform experiencing significant momentum.

According to Dune Analytics, Farcaster witnessed a staggering surge in daily active users, skyrocketing by approximately 2,000% to reach an all-time high of 40,000 in early February, up from around 2,000 at the onset of January. By March 26, Farcaster boasted over 32,000 active users within a 24-hour period.

DEGEN was distributed to Farcaster users via an airdrop and positioned itself as a means to incentivize engagement on the platform, including activities like tipping and liquidity mining. Since then, the token has experienced explosive growth, with its price doubling in the past week and skyrocketing by an impressive 2,045% over the course of 30 days.

Given the current market conditions and recent trends, the trajectory of DEGEN’s price is subject to various factors. Despite its recent surge in value and strong growth momentum, DEGEN is currently trading below its 200-day simple moving average. 

This suggests that the token may be experiencing a period of consolidation or potential downward pressure.

Furthermore, the token is considered overbought, indicating that its price may have risen too quickly and could be due for a correction in the near future. 

This correction could lead to a temporary decline in DEGEN’s price.

It’s important to note that cryptocurrency, including DEGEN, is highly volatile by nature. This volatility means that price movements can be unpredictable and can fluctuate dramatically in short periods. Therefore, while the recent price increase may seem promising, investors should exercise caution and be prepared for potential fluctuations in the value of DEGEN.

Additionally, DEGEN has medium liquidity based on its market capitalization. This suggests that there is a moderate level of trading activity surrounding the token, but it may not be as liquid as some other cryptocurrencies with higher market caps.

Another factor to consider is the distribution of DEGEN’s supply. Less than 34% of the total supply is currently in circulation, indicating that there is a significant portion of the token’s supply that is not actively being traded. This could potentially impact the token’s price dynamics, as changes in supply and demand could have a magnified effect on the market.

While DEGEN has experienced significant growth and positive momentum, its price outlook is uncertain. Factors such as trading below the 200-day moving average, being overbought, cryptocurrency volatility, medium liquidity, and the distribution of its supply all contribute to the complexity of predicting how high DEGEN’s price can go.

Yet, based on recent ecosystem developments and considering the factors mentioned earlier, DEGEN’s price could potentially trade within a range of $0.042030 and $0.210500. If the token manages to reach the upper price target, DEGEN could see an increase of more than 300%, reaching $0.210500.

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Prasanna Peshkar
Article By

Prasanna Peshkar

Prasanna Peshkar is a seasoned writer and analyst specializing in cryptocurrency and blockchain technology. With a focus on delivering insightful commentary and analysis, Prasanna serves as a writer and analyst at CryptoTicker, assisting readers in navigating the complexities of the cryptocurrency market.

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