A decentralized social media altcoin is nosediving simply days after gaining help from the highest US crypto alternate platform.
New knowledge 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 line with DEGEN’s web site, the digital asset is a reward token for energetic members 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 novel 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 12 months in January, has a provide of about 37 billion tokens. In line with the undertaking’s web site, it solely plans on promoting about 70% of the availability to buyers.
“At launch, we created roughly 37 billion tokens, with 70% meant for the group! One other 15% has been allotted to type a liquidity pool, and the remaining 15% will help our workforce, buyers, and the broader ecosystem. Moreover, there’s a 1% inflation charge set to start in 2028.”
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Featured Picture: Shutterstock/Yurchanka Siarhei