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Degen, the memecoin on Base that seeks to shed this tag with a pivot towards greater utility via the new DEGEN Chain, is surprisingly showing strong traction in two on-chain metrics.
According IntoTheBlock DataDegen has surpassed the major meme coins in the market in terms of number of traders and transactions.
While it is unlikely to dethrone DOGE, the rise in these metrics suggests growing popularity within the crypto community.
Degen Ranks Behind Dogecoin in These On-Chain Metrics
In February of this year, Dogecoin peaked with over 769,000 traders, accounting for over 75% of the total number of traders in the meme coin market at that time. In comparison, Degen only had 21,000 merchants on February 26, representing just over 2%.
As of Monday, June 17, Dogecoin was still the coin with the highest number of traders at 134,000 and 26.76% of the total count. Degen, on the other hand, has increased over the last four months to reach 115,000 in this metric, representing 22.8% of the market.
“This achievement is notable considering that DEGEN's market capitalization is only 0.79% of that of Dogecoin,” analysts at market intelligence and DeFi analytics platform IntoTheBlock. x.com/intotheblock/status/1803391481517834685″ target=”_blank” rel=””>wrote in x.
DEGEN aims for a decentralized ecosystem
Base meme coins are currently trending alongside viral ones on Solana, and Degen (DEGEN) is among those set to rise today.
DEGEN is also rising after cryptocurrency exchange Uphold announced the listing of the token. In terms of its growth, the meme coin hopes to move beyond its simple reward mechanism where users earn DEGEN tokens through community interaction. These include likes, comments or nft holding.
With DEGEN Chain, the platform aims at an ecosystem for decentralized applications (dApps). DEGEN Chain is an Arbitrum Orbit chain that integrates with Base and leverages AnyTrust for data availability.
DEGEN is the native token that will power this ecosystem.
