The Base Blockchain token Degen has emerged as one of the most promising and encouraging meme coins of the current week and month. The token has increased by over 223% in the past 30 days and touched a 335% recovery from its lowest point this year, as indicated in the chart below, obtained from Nansen.
Therefore, the increase in the number of smart money holders found a direct correlation with the rise in Degen’s value. The token now has 67 smart money holders, the highest number since June 19, having dropped to a low of 45 in September. Rising demand for digital assets among such investors is visible, which boosted the token’s price again.
Degen’s rally appears driven by its plan to be listed on Coinbase, the premier cryptocurrency exchange in the United States, on 15 October. Some altcoins tend to ramp up before releasing essential exchange listings, and based on experience, Degen’s situation mirrors the same dynamics.
Degen’s Coinbase Listing Follows PancakeSwap Partnership Amid Base Blockchain DEX Surge
The Coinbase listing comes shortly after Degen’s developers integrated with PancakeSwap, the largest DEX on the Binance Smart Chain. This partnership would expand even further when the DEGEN-ETH liquidity pool was created for DEGEN and ETH.
Besides Coinbase, Degen is listed on Gate.io, OKX, Bybit, and HTX, with the highest trading volumes on Uniswap, Aerodrome, and OKX. With the token trading in the market now, people are already speculating that Binance could soon list it.
Indeed, the entire saga around Degen has happened against the growing DEX on Base Blockchain. According to statistics from DeFi Llama, Base provided more than $5.69 billion in transactions last week, taking third place among blockchain networks by DEX volume after Ethereum and Solana. This has catapulted Base towards the front-running rank, surpassing other significant networks such as BNB Chain, Arbitrum, and Sui.
The trading volume has also translated to activity in Degen, with CoinGecko indicating that the 24-hour trading volume was above $43 million, the highest level since October 11.
This is not happening in isolation, as evidenced by the growth of Degen. Other meme coins in the Base Blockchain environment are also experiencing an uptrend in their current performance. Amongst the meme tokens, Brett is trading 20% higher than the trading rates of a week ago, at the same time Keyboard Cat and Mercian are higher by more than 30% in the same period. All these meme coin frenzies have also contributed to the general increase in Base Blockchain.
From a technical point of view, Degen’s price action implied that there may be more upside on the cards. The token hit a low of $0.0022 in August and has since risen to $0.012, the highest since a peak of July 15. Now, it trades well above the blue fifty-day MA and paints a rounded bottom pattern, a bullish setup.
If this bullish momentum is maintained, Degen could target its next key resistance at $0.02555, which was last reached on June 5th. This would be up by 148% from its current price.
This news is republished from another source. You can check the original article here
