Degen (DEGEN) Soars 50% as Binance Announces Listing on Its Futures Market

Crypto exchange Binance has announced that it will list Degen (DEGEN), the meme coin developed on Coinbase layer-2 network Base, today. Following the disclosure, DEGEN's price soared by 50%, currently trading at $0.29.

Cryptocurrency exchange Binance has announced that it will list DEGEN (DEGEN) today, following the meme coin’s launch on Coinbase’s layer-2 network, Base.

After the news broke, DEGEN’s price quickly soared by 50%, and it is currently trading at $0.29.

Binance’s listing of DEGEN will reportedly mark the first time that a Base meme coin is listed on Binance. Here's a look at what might happen to the cryptocurrency in the short term.

Binance to List DEGEN on Its Futures Market

Binance has stated that DEGEN will be available for trading at 11.30 UTC today. The exchange also noted that its users will be permitted to trade the token with up to 75x leverage. Notably, Binance’s listing of DEGEN is part of a series of meme coins that it has listed recently.

As DEGEN’s price surged, so did its trading volume. According to data from Santiment, the meme coin’s value shot up by 131% in a matter of minutes.

High trading volume indicates a greater participation in the market, making it more likely that the trend will continue. On the other hand, low trading volume may suggest an impending trend reversal. Hence, if the volume of DEGEN, which initially served as a reward token for participants in the Farcaster Degen channel, continues to rise, the price might continue to surge.

Moreover, data from IntoTheBlock shows an increase in the project’s Coin Holding Time. The Coin Holding Time indicator tracks the duration for which a coin has been held without being transacted or sold, offering insight into investor behavior. When it decreases, it indicates that holders are selling, which may lead to a decrease in price.

However, since the metric went down, it suggests that the holders of the DEGEN meme coin are holding off on selling, which is a positive sign for the token.

DEGEN Price Prediction: Meme Coin Eyes $0.37

From a technical perspective, the 4-hour chart of the Base chain meme coin shows that the Awesome Oscillator (AO) reading has been rising. The AO is a momentum indicator that compares recent market movements to historical ones. It uses a central zero line, with price movements plotted above or below it based on the comparison of 5 and 43-period moving averages.

When the reading is negative, momentum is bearish. In contrast, a reading above the zero line, like the one currently observed, indicates that momentum around DEGEN is bullish. If this continues, the token’s price could rise to $0.37.

However, if volume drops and momentum becomes bearish, this might not occur. Instead, DEGEN could fall to $0.18.