Outside Source
Degen, a popular meme coin on the Base Blockchain, has staged a strong rebound, making it one of the best-performing cryptocurrencies.
Degen (DEGEN) has jumped by over 223% in the last 30 days and by 335% from its lowest point this year. Data compiled by Nansen shows that the rebound has coincided with a rising number of smart money holders. It has 67 holders, the highest level since June 19 and higher than the September low of 45.
The token has also jumped ahead of its Coinbase listing set for Oct. 15. This is a major development since Coinbase is the biggest crypto exchange in the United States. In most cases, altcoins rally ahead of a big exchange listing.
This listing comes a day after the developers partnered with PancakeSwap, the biggest decentralized exchange on the Binance Smart Chain. The partnership led to the launch of the DEGEN-ETH liquidity pool.
Degen has now been listed by some of the biggest exchanges in the industry like Gate.io, OKX, Bybit, and HTX. Most of its trading is happening on Uniswap, Aerodrome, and OKX. With the Coinbase listing confirmed, there are chances that Degen will be listed by Binance.
Degen’s surge has also coincided with the ongoing surge in Base Blockchain DEX volume. DeFi Llama data shows that the network handled over $5.69 billion in the last seven days, making it the third-biggest chain after Ethereum (ETH) and Solana (SOL). It has overtaken other large networks like BNB Chain, Arbitrum, and Sui.
Degen’s rally has happened in a high-volume environment. Data by CoinGecko shows that the 24-hour volume rose to over $43 million, the highest point since Oct. 11.
Other Base meme coins have also surged. Brett has risen by 20% in the last seven days, while Keyboard Cat and mfercoin have soared by over 30% in the same period.
Degen price has formed a rounded bottom
The Degen token bottomed at $0.0022 in August and has been in a slow uptrend since then. It has risen to $0.012, its highest level in over three months.
Degen has moved above the 50-day moving average and formed a rounded bottom pattern, a popular bullish sign. Therefore, the token may continue rising as bulls target the key resistance level at $0.02555, its highest point on June 5 and 148% above the present level.
This article first appeared at crypto.news
