Degen

we usually focus on metrics like holders, volume, and price, but wallet behavior is one of the most important imo 

after the Coinbase announcement, $degen went up by 150%. let’s take a look at day two for a better perspective:

- 4292 new wallets got their first $degen
- 818 wallets accumulated more
- 901 wallets sold part of their holdings

even though 71% of those wallets were new, they only accounted for 35% of the volume, while existing $degen holders drove 51% of the total volume

it’s a strong sign when current holders bring the most volume, and we’ve seen this continue, pushing the price higher than the initial october 1st pump

degens have been waiting for this moment for a while now, and they all want one thing: to aim higher

researching onchain | writing tomu.xyz founded overgie.com mintgate.io | nf.td/tomu

Thoughtful analysis

I’m wondering if a similar pattern bore out with $higher on the news

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love reading break downs like this. thanks for sharing the analysis david! 

cc @amishap26