Degen

<p class="is-style-lead">Degen, the second-biggest meme coin on the Base Blockchain, went parabolic on Oct. 2, making it the best-performing cryptocurrency.&nbsp;</p> 
<p>Degen (<a href="https://crypto.news/price/degen/" target="_blank">DEGEN</a>) surged by over 128%, rising to a high of $0.012, its highest level since June 16. It has soared by 300% from its September low. The surge happened after being listed by Coinbase, the largest crypto exchange in the United States.</p> 
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   <p lang="en" dir="ltr">GM Degens! Huge news—$DEGEN is getting listed on Coinbase Spot trading, becoming the 4th <a href="https://twitter.com/base?ref_src=twsrc%5Etfw" target="_blank" rel="nofollow">@base</a> token. This journey’s been wild, and we’ve got plenty ahead. Big thanks to the Degen and Base fam for sticking with us. Let’s keep building! <a rel="nofollow" href="https://t.co/m9j1FcTYMs" target="_blank">https://t.co/m9j1FcTYMs</a></p>— Degen 🎩 (@degentokenbase) <a href="https://twitter.com/degentokenbase/status/1841239683323351217?ref_src=twsrc%5Etfw" target="_blank" rel="nofollow">October 1, 2024</a>
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<p>Cryptocurrencies often jump after being listed by tier-1 exchanges like Coinbase, Binance, Bybit, and OKX. This rally happens due to the general hype among traders and rising expectations that the token will become accessible to more investors.</p> 
<p>However, these exchange listing pumps tend to be short-lived, especially when market sentiment is not favorable.</p> 
<p> You might also like: <a rel="" href="https://crypto.news/wormhole-token-soars-20-in-24-hour-trading-after-upbit-listing/"> Wormhole token soars 20% in 24 hour trading after Upbit listing </a> </p> 
<p>Degen also jumped as the number of smart money holders increased and as volume in centralized exchanges fell. Data from <a href="https://app.nansen.ai/token-god-mode?tokenAddress=0x4ed4e862860bed51a9570b96d89af5e1b0efefed&amp;chain=base&amp;tab=exchanges" target="_blank" rel="nofollow">Nansen</a> shows that the volume in exchanges fell by 9% to 3.65 billion, while smart money holders rose to 80, the highest level since July 21.</p> 
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 <img loading="lazy" decoding="async" width="2891" height="808" src="https://crypto.news/app/uploads/2024/10/Degen-Price.jpeg" alt="Degen tokens held by smart money" class="wp-image-14301129">
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  Degen token held by smart money wallets | Source: <a href="https://app.nansen.ai/token-god-mode?tokenAddress=0x4ed4e862860bed51a9570b96d89af5e1b0efefed&amp;chain=base&amp;tab=smart-money" target="_blank" rel="nofollow">Nansen</a>
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<p>Degen has grown to become a major player in the <a href="https://crypto.news/what-are-meme-coins/" target="_blank">meme coin</a> industry, with its market cap reaching $175 million. It is the second-biggest token in the Base network after Brett (<a href="https://crypto.news/price/brett/" target="_blank">BRETT</a>), which has a market cap of over $843 million.</p> 
<p>Most of these Base meme coins have performed well in the past few weeks. Mister Miggles has risen by 17% in the last seven days, while mfercoin, Basenji, and Keyboard Cat have jumped by over 10% in the same period. All meme coins in the ecosystem have a market cap of over $1.3 billion.</p> 
<p>Their strong performance has helped propel Base into one of the largest <a href="https://crypto.news/tag/layer-2/" target="_blank">layer-2</a> networks in the industry. Data by <a href="https://defillama.com/dexs/chains" target="_blank" rel="nofollow">DeFi Llama</a><strong> </strong>shows that the volume in its DEX networks has risen by 16% in the past seven days to over $4.2 billion.&nbsp;</p> 
<h2 class="wp-block-heading" id="degen-price-popped">Degen price popped</h2> 
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  Degen price chart | Source: <a href="https://www.tradingview.com/symbols/DEGENUSD/?exchange=CRYPTOCOM" target="_blank" rel="nofollow">TradingView</a>
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<p>Degen token popped after forming a double-bottom pattern at $0.0028. It rose above the pattern’s neckline at $0.005570, its highest point in September and August.</p> 
<p>Degen also jumped above the 50-day moving average, while oscillators have pointed upwards. Therefore, the price will likely erase some of these gains as the post-listing momentum fades. If this happens, the next level to watch will be $0.0055.</p> 
<p> You might also like: <a rel="" href="https://crypto.news/base-blockchain-active-addresses-transactions-rise-hit-ath/"> Base Blockchain active addresses, transactions hit all-time high </a> </p>

Degen price surges after Coinbase listing, but gains could be brief

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