Base Network’s DEGEN Token Surges 17% Following $150M Farcaster Funding Round
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Base Network’s DEGEN Token Surges 17% Following $150M Farcaster Funding Round

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3 weeks ago

Community-created Farcaster token, DEGEN, witnessed a 17% surge after the blockchain-based social platform Farcaster successfully completed its latest funding round.

Base Network’s DEGEN Token Surges 17% Following $150M Farcaster Funding Round
Community-created Farcaster token, DEGEN, witnessed a 17% surge after the blockchain-based social platform Farcaster successfully completed its latest funding round, raising a substantial $150 million. Led by venture firm Paradigm, the Series A round saw participation from prominent investors including Andreessen Horowitz, Haun, USV, Variant, and Standard Crypto. Following the announcement, DEGEN is currently trading at $0.0216, gaining 8.13% over the past 24 hours, according to CoinMarketCap data.
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Dan Romero, founder of Farcaster and a former executive at Coinbase, had initially hinted at the funding round on the Warpcast platform back in March, but details had remained undisclosed until now. Bloomberg had previously reported that the funding would elevate the valuation of Merkle Manufactory, the company behind Farcaster, to $1 billion.

Since October, Farcaster has garnered 350,000 paid sign-ups and witnessed a 50x increase in network activity. The platform's primary focus moving forward will be on expanding daily active users and introducing additional "developer primitives" to the protocol, such as channels and direct messaging, according to Romero.

It's worth noting that DEGEN, the token experiencing the 17% surge, is a community-created token associated with Farcaster and not an official token of the protocol. In January, Jacek Trociński, a frequenter of the Farcaster Degen channel, launched DEGEN as a memecoin for the community. DEGEN tokens were distributed as rewards to users for creating quality content or engaging with posts. The DEGEN chain, a meme coin-focused layer-3 blockchain on Base, was recently launched, utilizing DEGEN as its native gas token.

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