A decentralized social media altcoin is nosediving simply days after gaining help from the highest US crypto alternate platform.
New information reveals that social media token DEGEN went from a weekly excessive of $0.011 to $0.008 since being adopted by Coinbase on October fifteenth, a 27% drop.
In keeping with DEGEN’s website, the digital asset is a reward token for lively individuals of the decentralized social media platform Farcaster. Moreover, it powers the Degen Chain, which is billed as a layer-3 constructed over Base, the blockchain of Coinbase.
“DEGEN is a reward token for Farcaster customers, born from meme tradition. It makes use of a singular tipping system that empowers the group to reward high quality content material creators.
It additionally powers the Degen chain, one of many pioneering layer-3s launched on Base, providing a platform for constructing and utilizing Degen apps, also known as the ‘Las Vegas of blockchains.’”
DEGEN, which launched earlier this yr in January, has a provide of about 37 billion tokens. In keeping with the venture’s web site, it solely plans on promoting about 70% of the provision to buyers.
“At launch, we created roughly 37 billion tokens, with 70% meant for the group! One other 15% has been allotted to kind a liquidity pool, and the remaining 15% will help our workforce, buyers, and the broader ecosystem. Moreover, there’s a 1% inflation fee set to start in 2028.”
Do not Miss a Beat – Subscribe to get e mail alerts delivered on to your inbox
Verify Price Action
Observe us on X, Facebook and Telegram
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed at The Every day Hodl usually are not funding recommendation. Buyers ought to do their due diligence earlier than making any high-risk investments in Bitcoin, cryptocurrency or digital property. Please be suggested that your transfers and trades are at your individual danger, and any losses you could incur are your duty. The Every day Hodl doesn’t suggest the shopping for or promoting of any cryptocurrencies or digital property, neither is The Every day Hodl an funding advisor. Please be aware that The Every day Hodl participates in internet affiliate marketing.
Featured Picture: Shutterstock/Yurchanka Siarhei
