A decentralized social media altcoin is taking a nosedive just days after receiving backing from the top US crypto exchange platform.
New data shows that the social media token DEGEN has gone from a weekly high of $0.011 to $0.008 since it was adopted by Coinbase on October 15, a drop of 27%.
According to DEGEN websitethe digital asset is a reward token for active participants in the decentralized social media platform Farcaster. Additionally, it powers the Degen Chain, which is billed as a layer-3 built over Base, Coinbase’s blockchain.
“DEGEN is a reward token for Farcaster users, born from meme culture. It uses a unique tipping system that allows the community to reward creators of high-quality content.
It also powers the Degen chain, one of the pioneering Layer-3s launched on Base that provides a platform for building and operating Degen apps, dubbed the ‘Las Vegas of blockchains’.”
Launched earlier this year in January, DEGEN has a supply of approximately 37 billion tokens. According to the project’s website, it only plans to sell about 70% of its offering to investors.
“At launch, we created approximately 37 billion tokens, 70% of which were for the community! Another 15% has been allocated to form a liquidity pool, and the remaining 15% will support our team, investors and the broader ecosystem. In addition, there is a 1% inflation rate that will start in 2028.”
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Featured image: Shutterstock/Yurchanka Siarhei