A decentralized social media altcoin is experiencing a significant decline just days after receiving backing from one of the leading US crypto exchange platforms.
Recent data indicates that the social media token DEGEN has dropped from a weekly peak of $0.011 to $0.008 following its integration with Coinbase on October 15th, representing a 27% decrease.
According to DEGEN’s official website, this digital asset serves as a reward token for users actively engaging on the decentralized social media platform Farcaster. Additionally, it powers the Degen Chain, which is promoted as a layer-3 construct built atop Base, the blockchain supporting Coinbase.
“DEGEN functions as a reward token for Farcaster participants, emerging from meme culture. It employs a distinctive tipping mechanism that enables the community to incentivize high-quality content creators.
It also fuels the Degen chain, recognized as one of the trailblazing layer-3s launched on Base, providing a foundation for creating and utilizing Degen applications, often dubbed the ‘Las Vegas of blockchains.’”
DEGEN was launched in January of this year and has an available supply of approximately 37 billion tokens. As per the project’s website, it aims to distribute around 70% of the supply to investors.
“At the time of launch, we issued approximately 37 billion tokens, with 70% designated for the community! An additional 15% has been assigned to establish a liquidity pool, while the remaining 15% will benefit our team, investors, and the wider ecosystem. Furthermore, a 1% inflation rate is set to commence in 2028.”
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Featured Image: Shutterstock/Yurchanka Siarhei
