Degen Chain and DEGEN Token Surge, Fueling Meme Coin Frenzy

The newly launched Degen Chain and its native token DEGEN have witnessed substantial growth, with the network registering significant trading volume and user adoption. DEGEN-related meme coins have also come to light and have surged in value.

Degen Chain and DEGEN Token Gain Traction, Sparking Meme Coin Hype

In the ever-evolving crypto landscape, a novel Layer 3 blockchain network has emerged, christened Degen Chain. This latest entrant joins a burgeoning ecosystem of innovative and diverse blockchain platforms. Built upon the Substrate framework of the Layer 2 solution, Degen Chain has introduced its native token, DEGEN, which has garnered notable traction.

Degen Chain

Degen Chain, a nascent Layer 3 blockchain, has swiftly amassed a substantial transaction volume, surpassing the $100 million mark. It has garnered over 130,000 integrated addresses and facilitated more than 4 million transactions to date.

DEGEN Token

The DEGEN token has experienced an impressive 210% surge in value over the past week, propelling it to a price of approximately $0.06. This remarkable ascent has elevated DEGEN to the position of the 153rd largest cryptocurrency, boasting a market capitalization of around $660 million.

Other Tokens Associated with Degen Chain

Additional tokens affiliated with the Degen Chain have also demonstrated notable growth. Degen Swap (DSWAP) and Degen Pepe (DPEPE) have exhibited substantial value appreciation, with the latter surging by approximately 60% within the past 24 hours.

Meme Coin Frenzy

The recent upswing in DEGEN-related meme coins mirrors a broader trend of heightened interest in similar assets built on the Solana blockchain. Tokens such as dogwifat (WIF), Bonk Inu (BONK), and BOOK OF MEME (BOME) have witnessed remarkable price increases, capturing attention amid the latest market rally.

Dogwifat (WIF)

As reported by CryptoPotato last week, WIF's valuation skyrocketed, reaching an all-time high of $4 and propelling its market capitalization to an astonishing $4 billion. Its upward trajectory persisted over the weekend, with prices peaking at $4.80 before settling at the current level of $4.40, according to CoinGecko data.

Early Investments

The meteoric rise of WIF has generated substantial profits for astute traders who invested during the project's infancy. For instance, one individual acquired over 2.5 million WIF tokens towards the end of last year, with an initial investment of just $310. As of today, this investment has blossomed into a staggering $11 million.

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