Decentralized Social Network Token DEGEN Drops 27% in Days Following New Coinbase Listing

A decentralized social media altcoin is nosediving just days after gaining support from the top US crypto exchange platform.

New data reveals that social media token DEGEN went from a weekly high of $0.011 to $0.008 since being adopted by Coinbase on October 15th, a 27% drop.

According to DEGEN’s website, the digital asset is a reward token for active participants of the decentralized social media platform Farcaster. Furthermore, it powers the Degen Chain, which is billed as a layer-3 built over Base, the blockchain of Coinbase.

“DEGEN is a reward token for Farcaster users, born from meme culture. It uses a unique tipping system that empowers the community to reward quality content creators.

It also powers the Degen chain, one of the pioneering layer-3s launched on Base, offering a platform for building and using Degen apps, often referred to as the ‘Las Vegas of blockchains.'”

DEGEN, which launched earlier this year in January, has a supply of about 37 billion tokens. According to the project’s website, it only plans on selling about 70% of the supply to investors.

“At launch, we created roughly 37 billion tokens, with 70% intended for the community! Another 15% has been allocated to form a liquidity pool, and the remaining 15% will support our team, investors, and the broader ecosystem. Additionally, there is a 1% inflation rate set to begin in 2028.”

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/Yurchanka Siarhei

The post Decentralized Social Network Token DEGEN Drops 27% in Days Following New Coinbase Listing appeared first on The Daily Hodl.