DEGEN Nosedives After Coinbase Adoption, Dropping 27% in a Week

New data reveals that social media token DEGEN went from a weekly high of $0.011 to $0.008 since being adopted by Coinbase on October 15th, a 27% drop.

A decentralized social media altcoin is experiencing a decline in value just days after being adopted by a top US crypto exchange platform.

According to data, the social media token DEGEN, which was adopted by Coinbase on October 15th, has dropped from a weekly high of $0.011 to $0.008, indicating a decrease of 27%.

The digital asset, as described on DEGEN’s website, serves as a reward token for active participants in the decentralized social media platform Farcaster. It also powers the Degen Chain, which is essentially a layer-3 built over Base, the blockchain of Coinbase.

“DEGEN is a reward token for Farcaster users, born from meme culture. It uses a unique tipping system that empowers the community to reward quality content creators.

It also powers the Degen chain, one of the pioneering layer-3s launched on Base, offering a platform for building and using Degen apps, often referred to as the ‘Las Vegas of blockchains.'”

Having launched earlier this year in January, DEGEN boasts a supply of around 37 billion tokens. As stated on the project’s website, it aims to sell only about 70% of the supply to investors.

“At launch, we created roughly 37 billion tokens, with 70% intended for the community! Another 15% has been allocated to form a liquidity pool, and the remaining 15% will support our team, investors, and the broader ecosystem. Additionally, there is a 1% inflation rate set to begin in 2028.”

The token, which has experienced significant price volatility since its launch, is currently ranked 567th among cryptocurrencies by total market capitalization.