A decentralized social media altcoin, DEGEN, is experiencing a significant decline in value just days after receiving support from the leading US cryptocurrency exchange, Coinbase. Recent data shows that DEGEN has dropped from a weekly high of $0.011 to $0.008, marking a 27% decrease in value.
DEGEN, a reward token for active users of the decentralized social media platform Farcaster, is also the fuel for the Degen Chain, a layer-3 protocol built on top of Base, the blockchain of Coinbase. The project aims to incentivize community engagement and quality content creation through a unique tipping system.
With a total token supply of around 37 billion, DEGEN plans to distribute 70% of the tokens to the community, reserve 15% for liquidity, and allocate the remaining 15% to support the team, investors, and ecosystem. Additionally, there is a planned 1% inflation rate starting in 2028.
The launch of DEGEN earlier this year in January has garnered attention in the crypto space, but the recent price decline following Coinbase’s support has raised concerns among investors and users. Despite the setback, the project continues to push forward with its mission to create a vibrant and engaging social media platform powered by blockchain technology.
For the latest updates and price action of DEGEN, interested individuals can subscribe to email alerts or follow the project on social media platforms like Twitter, Facebook, and Telegram. Stay informed and connected to the world of decentralized social media with DEGEN.
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