Degen, the memecoin on Base that’s looking to dump this tag with a pivot to greater utility via the new DEGEN Chain, is surprisingly showing strong traction across two on-chain metrics.
According to IntoTheBlock data, Degen has outpaced major meme coins in the market in terms of trader number and transactions.
While it’s unlikely to dethrone DOGE, the surge in these metrics suggest growing popularity within the crypto community.
Degen ranks behind Dogecoin in these on-chain metrics
In February this year, Dogecoin peaked with over 769,000 trader count, accounting for more than 75% of the total number of traders in the meme coin market at the time. In comparison, Degen only had 21,000 traders on February 26, accounting for just over 2%.
On Monday June 17, Dogecoin remained the coin with the highest number of traders at 134,000 and 26.76% of the total count. Degen on the other hand has surged over the past four months to reach 115,000 in this metric, representing 22.8% of the market.
“This achievement is remarkable considering DEGEN’s market cap is only 0.79% of Dogecoin’s,” analysts at market intelligence and DeFi analytics platform IntoTheBlock wrote on X.
DEGEN eyeing decentralized ecosystem
Base meme coins are currently trending alongside viral ones on Solana, with Degen (DEGEN) among those to surge today.
DEGEN is also surging after crypto exchange Uphold announced the token’s listing. In terms of its growth, the meme coin hopes to transition from its simple reward mechanism that sees users earn DEGEN tokens via community interaction. These include likes, comments, or holding NFTs.
With DEGEN Chain, the platform is eyeing an ecosystem for decentralized applications (dApps). DEGEN Chain is an Arbitrum Orbit chain that integrates with Base and taps into AnyTrust for data availability.
DEGEN is the native token that will power this ecosystem.