Base Blockchain token Degen has emerged as one of the most promising and promising meme coins of this week and month. As shown in the graph below obtained from Nansen, the token has increased over 223% in the past 30 days, reaching a 335% recovery from this year’s lowest point.
Therefore, it turns out that the increase in the number of smart money holders has a direct correlation with the increase in the value of degen. The token currently has 67 smart money holders, the highest number since June 19th, which dropped to a low of 45 in September. There was a growing demand for digital assets among such investors, which once again pushed up the price of the token.
Degen’s rise appears to be driven by its plans to list on Coinbase, a major U.S. cryptocurrency exchange, on October 15th. Some altcoins tend to rise in price before releasing a major exchange listing, and based on our experience, Degen’s situation reflects the same dynamic.
Hey Degens, $DEGEN We plan to start trading on Coinbase tomorrow, October 15th at 9am Pacific Time (conditions pending). A huge milestone for our community! Thank you to everyone who has been with us in this wilderness @base From the beginning of the journey, it was epic. Let’s have fun trading tomorrow! https://t.co/O6YoLdXErh
— Degen🎩 (@degentokenbase) October 14, 2024
Degen’s Coinbase listing follows PancakeSwap partnership amid fundamental blockchain DEX surge
Coinbase’s listing comes shortly after Degen developers integrated with PancakeSwap, the largest DEX on Binance Smart Chain. This partnership expands further when the DEGEN-ETH liquidity pool is created for DEGEN and ETH.
Besides Coinbase, Degen is also listed on Gate.io, OKX, Bybit, and HTX, and has the highest trading volume on Uniswap, Aerodrome, and OKX. With the token currently being traded on the market, people are already speculating that Binance will list the token soon.
In fact, the entire story surrounding Degen has been happening against DEXs growing on Base Blockchain. According to DeFi Llama statistics, Base delivered more than $5.69 billion in transactions last week, ranking third among blockchain networks in terms of DEX volume, behind Ethereum and Solana. This has propelled Base to the forefront, surpassing other important networks such as BNB Chain, Arbitrum, and Sui.
This trading volume is also reflected in Degen activity, with CoinGecko showing 24-hour trading volume of over $43 million, the highest level since October 11th.
As Degen’s growth shows, this is not happening in a vacuum. Other meme coins in the base blockchain environment are also trending upward with their current performance. Among meme tokens, Bullet is trading 20% higher than its trading rate a week ago, while Keyboard Cat and Mercian are also up over 30% over the same period. The craze for all these meme coins is also contributing to the overall increase in base blockchains.
From a technical perspective, Degen’s price movement suggests that there may be further upside potential. The token hit a low of $0.0022 in August and has since risen to $0.012, its highest price since its peak on July 15th. It is currently trading well above the blue 50-day moving average, depicting a rounded bottom pattern, or bullish setup.
If this bullish momentum holds, Degen could set the next major resistance level at $0.02555, which was last reached on June 5th. This would be a 148% increase from the current price.
