Degen, a memecoin on the Base network, is showing strong traction in on-chain metrics, ranking second behind Dogecoin. As of June 17, Degen surged to 115,000 traders, representing 22.8% of the market, compared to Dogecoin’s 134,000 traders.
Historically, Dogecoin peaked in February with over 769,000 traders. Degen’s market cap is only 0.79% of Dogecoin’s, making its growth remarkable. The key standout for Degen is its pivot towards greater utility through the DEGEN Chain, which aims to create a decentralized ecosystem for dApps. This includes a reward mechanism where users earn DEGEN tokens through community interactions.
The DEGEN Chain, an Arbitrum Orbit chain, integrates with Base and uses AnyTrust for data availability. This strategic shift could position Degen as a significant player in the decentralized application space.
