When you buy through affiliate links in our content, we may earn a commission at no extra cost to you. Learn 
Degen has surged 129% in the last 24 hours, making it one of the top-performing tokens in the market.
According to CoinGecko data, Degen’s price surged dramatically from October 1st to October 2nd.
On October 1st, DEGEN was valued at $0.004 before jumping to $0.008. The next day, it continued its upward momentum, reaching $0.011—its highest point in the last 24 hours.
Degen Rises While Top Cryptocurrencies Drop
During the same period, many leading cryptocurrencies, including Bitcoin (BTC), experienced declines due to escalating geopolitical tensions in the Middle East.
According to Coin360 data, Bitcoin dropped by 3.86% in the last 24 hours, Ethereum (ETH) fell by 6.7%, and Solana (SOL) by 6.79%.
The meme coin sector also suffered, with Dogecoin (DOGE) plummeting 9.72% and Shiba Inu (SHIB) down 10.15%, despite SHIB showing gains prior to the dip.
Why Did Degen’s Price Surge So Dramatically?
The Degen, categorized as a meme coin, is built on the Base blockchain and is used as an internal token for Farcaster—a SocialFi project that aims to leverage blockchain for social networking.
One notable dapp in its ecosystem is Warpcast, which functions similarly to X (formerly Twitter). It gained popularity in early 2024.
The sharp rise in DEGEN’s price was primarily triggered by the announcement that Coinbase would add the token for spot trading.
4th @base token we plan to have supported for spot trading at Coinbase, joining $WELL $AERO $SEAM
Would also be the first @base token that we have supported across both spot and perps (we listed a DEGEN-PERP in August)$DEGEN @degentokenbase 🤗🎩🔵 https://t.co/q6pYImxLJv
— Rishi (@0xRishi) October 1, 2024
According to CoinGecko, the largest centralized exchange (CEX) currently for DEGEN is Bybit, accounting for 20.29% of its trading volume.
Additionally, a recent DEGEN campaign giveaway hosted by SynFutures Protocol concluded on September 30, further fueling interest in the token.
🙌Thanks all for participating in the Degen Giveaway campaign with @Degentokenbase!
Here’s the winner list below 👇https://t.co/Y0b4UwIePD✅The reward distribution is complete. A big shoutout to #Degen & #SynFutures community for your incredible participation
🎉Stay tuned…
— SynFutures Protocol (@SynFuturesDefi) September 30, 2024
