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The Degen (DEGEN) token has experienced significant price fluctuations due to various factors:
Exchange Listings: On November 15, 2024, Binance announced the addition of DEGEN to its futures trading platform, leading to a 55% price increase.
Ecosystem Development: The launch of the Degen Chain, a Layer 3 blockchain utilizing Arbitrum Orbit technology, has enhanced DEGEN's utility in decentralized finance (DeFi), non-fungible tokens (NFTs), and meme coin projects. This development contributed to a near doubling of on-chain activity, reflecting increased user engagement.
Exchange Listings and Partnerships: DEGEN's listing on Coinbase and its integration with PancakeSwap expanded its accessibility and trading volume.
Market Dynamics: Despite these positive developments, DEGEN has also faced price volatility. For instance, after its Coinbase listing, the token experienced a 27% decline, possibly due to profit-taking by early investors and broader market conditions. 13 replies
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