Decentralized Social Network Token DEGEN Drops 27% in Days Following New Coinbase Listing

A decentralized social media altcoin is taking a nosedive simply days after receiving backing from the highest US crypto trade platform.

New information exhibits that the social media token DEGEN has gone from a weekly excessive of $0.011 to $0.008 because it was adopted by Coinbase on October 15, a drop of 27%.

In accordance with DEGEN websitethe digital asset is a reward token for energetic individuals within the decentralized social media platform Farcaster. Moreover, it powers the Degen Chain, which is billed as a layer-3 constructed over Base, Coinbase’s blockchain.

“DEGEN is a reward token for Farcaster customers, born from meme tradition. It makes use of a novel tipping system that permits the neighborhood to reward creators of high-quality content material.

It additionally powers the Degen chain, one of many pioneering Layer-3s launched on Base that gives a platform for constructing and working Degen apps, dubbed the ‘Las Vegas of blockchains’.”

Launched earlier this 12 months in January, DEGEN has a provide of roughly 37 billion tokens. In accordance with the challenge’s web site, it solely plans to promote about 70% of its providing to buyers.

“At launch, we created roughly 37 billion tokens, 70% of which had been for the neighborhood! One other 15% has been allotted to type a liquidity pool, and the remaining 15% will assist our group, buyers and the broader ecosystem. As well as, there’s a 1% inflation price that may begin in 2028.”

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Featured picture: Shutterstock/Yurchanka Siarhei