Key Takeaway:
This article discusses the rise of Degen, a memecoin on Base, and its pivot to greater utility through the new DEGEN Chain. Despite being behind Dogecoin in on-chain metrics, Degen has shown strong traction in terms of trader numbers and transactions, hinting at growing popularity in the crypto community.
Degen’s Strong On-Chain Metrics
According to IntoTheBlock data, Degen has surpassed major meme coins in the market in trader numbers and transactions. While it may not overtake DOGE, the surge in these metrics indicates a rise in popularity within the crypto world.
Degen vs. Dogecoin Metrics Comparison
In February, Dogecoin had over 769,000 traders, comprising 75% of the total market traders. On the other hand, Degen had 21,000 traders, accounting for just over 2%. However, in June, Degen has surged to 115,000 traders, representing 22.8% of the market, despite its smaller market cap compared to Dogecoin.
DEGEN’s Decentralized Ecosystem Vision
DEGEN is evolving towards a decentralized ecosystem on the Base meme coins, currently trending with viral ones on Solana. With the introduction of DEGEN Chain, the platform aims to create a space for decentralized applications (dApps), powered by the DEGEN token.
