Degen has emerged as a notable contender within the cryptocurrency sphere, originating as a reward token within the Farcaster Degen channel.
Its ascent has garnered attention from developers, crypto enthusiasts, and investors alike, especially amidst the ongoing surge of Base memecoins.
In recent times, Degen has experienced a remarkable surge in its price, boasting a staggering 172% increase over the past 7 days, with a notable 15% spike observed today alone.
Spotonchain data reveals intriguing insights, indicating that 8 of the top 20 DEGEN-holding wallets currently possess approximately 1.29 billion DEGEN tokens, valued at $66.8 million.
The price of $DEGEN impressively surged by 200%+ (7D), leading the #Base trend! But will it continue to rise when…
8 out of the top 20 DEGEN-holding wallets, which now hold 1.29B $DEGEN (~$62M), or ~10.3% of the self-reported circ. supply, are gaining $57.3M in total profit… pic.twitter.com/wnj05ExsCg
— Spot On Chain (@spotonchain) April 1, 2024
Top Degen Accounts Hold 10.3% Of Circulating Supply
This accounts for roughly 10.3% of the self-reported circulating supply, yielding a cumulative profit of $62.08 million for these holders.
Despite reports of some wallet holders cashing out their DEGEN holdings for profits within the last 12 hours, Degen continues to maintain its upward trajectory in trading activity at present.
Such developments underscore the growing significance of Degen within the cryptocurrency landscape, as evidenced by its substantial price gains and the considerable profits accrued by prominent wallet holders.
As the market dynamics surrounding meme coins and decentralized tokens evolve, Degen stands out as a noteworthy player, capturing the attention and enthusiasm of various stakeholders within the crypto community.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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