blacktiger
@duckwife
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Can you translate the above response into English? Here's the answer:
Degen (DEGEN) token's price is not directly tied to Bitcoin reaching $116,000, as its price depends on several independent factors:
Supply and demand for DEGEN
DEGEN is a high-risk, high-reward cryptocurrency with meme coin characteristics. Its value heavily depends on investor interest, trading volume, and market sentiment
General cryptocurrency market trends
A Bitcoin bull market often positively influences altcoins. If Bitcoin reaches $116,000, DEGEN could rise too. However, the extent of the increase depends on its utility and perceived value.
Current DEGEN price and market cap
As of November 2024, DEGEN's price is about $0.0084, and its high volatility as a meme coin could lead to dramatic price swings
Major listings and news
Positive news, such as Binance's recent listing of DEGEN, has previously led to a 50% price surge. Additional good news could further boost its value 0 reply
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