Degen

Out of curiosity, I ran some numbers on the $DEGEN hodlers. A 🧵:

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2/ There have been a staggering 3.4M $DEGEN transactions done to date (buy, sell, swap, transfer, etc.). "Free tips" out of daily allowances don't count as transactions since they are not onchain.

3/ 60% of all supply (22B $DEGEN) are marked for airdrops. So far only a third of those (7B $DEGEN, or 19% of the total supply) have been claimed. The rest (~15B $DEGEN) are yet to drop.

4/ 10% of all supply (3.7B $DEGEN) are rewards for liquidity miners. So far less than half of those (1.5B $DEGEN, or 4% of the total supply) have been awarded. The rest (2.1B $DEGEN) are yet to be.

5/ The remaining 30% of the supply (11B $DEGEN) are reserved to provide liquidity to the pools and to reward the team, in equal halves each.

6/ So, 77% of the supply (28B $DEGEN) is still locked, either because it's reserved, held in LP, or hasn't been airdropped yet. It means only about a quarter of all the supply (8.6B $DEGEN) is circulating.

7/ From the list of all wallets holding a positive balance on BaseScan, I therefore excluded the top 31 which cumulatively own ~77% of the supply. Their balances range from 14B to 80M $DEGEN and (as expected) many of them are reserve contracts linked to the $DEGEN deployer.

8/ What remains are 83K "retail" wallets with balances ranging from 1 to 77M $DEGEN. Together, they own 22% of the supply (8.2B $DEGEN). The average balance is 99K $DEGEN ($3.1K at today's price) and the median is only 690 $DEGEN. This means that half of all $DEGEN holders have less than $22 of it.

9/ So, the distribution among retail wallets is highly skewed. The top 2% of wallets own 80% of the circulating $DEGEN. It's a sea of approximately 1,300 whales that own 840K $DEGEN or more, and 80K shrimps that own only 20K $DEGEN on average.

10/ That's it for now, feel free to ask any questions while I still have the data!

11/ Bonus factoid: of the ~83K “retail” wallets I analyzed, 39 of them (0.05%) are already “degen millionaires” in fiat terms (from $1M to 2.5M) at the current price of $0.032 per DEGEN.

And 413 of them (0.5%) own $100K or more worth of $DEGEN.

1/ There are 194K wallets that have had a $DEGEN balance at some point, which is huge considering that the token was launched barely three months ago. BaseScan only displays the top 100K wallets, but those happen to own 90% of the total supply of ~37B $DEGEN, so the findings below should be ~ generalizable.

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Thank you!

Out of curiosity, how did you find the thread? I thought it would get buried super fast in the channel’s feed

Just catching this today, thanks for putting it together.

544 $Degen.

I have approximate knowledge of many things. Researcher | Planck's Const{ly dev}

On the upside, those whales have a vested interest in $DEGEN actually going to $1, and will do what they can to make it happen

On the downside, it means we still need much more organic adoption to keep the ecosystem sustained in the long term

Nice thread. With so much of the degen at the top of the pile with whales how do you see this playing out? 100 $degen