Coinbase, a leading cryptocurrency exchange, has announced the listing of DEGEN on its Base network, resulting in a brief but significant 20% rally in the token’s price.
On October 15, 2024, Coinbase added DEGEN (DEGEN) to its Base network, creating a surge of excitement among investors. The listing announcement led to a swift increase in DEGEN’s market cap, which surpassed $160 million. Known for its association with risk-taking crypto traders, DEGEN’s price jumped from $0.004 to $0.009 within 24 hours, marking a remarkable 127% increase. The trading volume also saw a massive boost, skyrocketing from $8.5 million to $136.8 million.
Trading will begin on or after 9AM PT on 15 October 2024, if liquidity conditions are met. Once sufficient supply of this asset is established trading on our DEGEN-USD trading pair will launch in phases. Support for DEGEN may be restricted in some supported jurisdictions.— Coinbase Assets 🛡️ (@CoinbaseAssets) October 14, 2024
The immediate market response was driven by the anticipation of increased liquidity and accessibility that comes with a Coinbase listing. Investors were eager to capitalize on the newfound visibility and trading opportunities for DEGEN.
The vibrant community surrounding the token, along with recent mascot and airdrop announcements, further fueled investor interest and engagement.
This development not only highlights the impact of major exchange listings on token prices but also underscores the growing interest in niche cryptocurrencies.
While the listing and subsequent rally have brought positive attention to DEGEN, investors need to remain cautious. The rapid price increase could be followed by volatility, and the gains might be short-lived.
Thorough research and staying informed about market trends are crucial for making sound investment decisions.
As DEGEN continues to gain traction on Coinbase’s Base network, its long-term performance will be closely monitored by investors. The future of DEGEN will depend on its ability to sustain investor interest and navigate the dynamic cryptocurrency market.
This event serves as a reminder of the potential opportunities and risks inherent in the ever-evolving world of digital assets. Investors are advised to stay vigilant and consider the broader market dynamics when making investment decisions.
