Kien Nguyen
@kien
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667 Followers
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$DEGEN is the 3rd largest token on Base by wallet holders, after wETH and USDC.
Started as a meme coin for tipping on Farcaster, it quickly became a cultural phenomenon and inspired a whole new meta of 'tipping tokens' on Base.
On top of that, $DEGEN also launched Degen Chain L3 to enable experiments beyond just tipping.
However, after an initial surge to a $750M market cap, $DEGEN plummeted to $195M.
The lack of use cases beyond infinite tipping supply created perpetual selling pressure.
Daily transactions on Degen Chain L3 plunged from 4,000,000 at peak to ~100,000 now.
Recognizing this issue, team leader @jacek has proposed the following solutions:
- Generating revenue to redistribute value
- Acquiring valuable projects/incentivizing top builders
- Doubling down on meme community building
With no blueprint for this token type, it'll be interesting to see how $DEGEN navigates the coming months.
Can $DEGEN execute a sustainable model beyond meme coin status?
Only time will tell. 1 reply
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