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Degod, a newly created Solana token, surged more than 10% on its first day of trading amid fears of missing out among traders.
Degod (DEGOD) hit an intraday high of $0.0095 before retreating to $0.0075 at press time. This drop pushed its market cap to over $76 million.
According to DEXTools, its 24-hour volume was $15.5 million. Most of this volume came from Raydium, the largest exchange in the Solana (SOL) ecosystem, followed by Meteora and Orca.
The Degod token was launched by the developers of the popular non-fungible token Solana in collaboration with Sniper, a major nft marketplace.
Data from CryptoSlam The report shows that DeGods nft sales increased by more than 88% on Monday as interest in the token surged. Sales rose to more than $1.12 million, with the number of transactions increasing by 77% to 245. Over time, DeGods nft sales totaled $18.1 million, and the number of unique owners stood at 1,066.
According to his websiteThe distribution of the DEGOD token has been taking place organically over the past three years. It currently has 41,241 unique holders in the Degods, yOOts and dust ecosystems.
These holders account for 85% of all tokens in circulation, with the remaining 15% allocated to the foundation and launch partners. The maximum circulating supply is 1 billion tokens.
Historically, new crypto tokens typically experience strong gains after launch, followed by a pullback as some holders sell their coins. For example, the Wormhole (W) token rose to a high of $1.8541 shortly after launch, but has since fallen by over 90%.
Similarly, Zksyn (ZK) rose to $5 and has now plummeted to $0.09. Notcoin (NOT), the popular tap-to-earn token, rose to $0.029 and then fell 75% to $0.0072.
