According to Odaily Planet Daily, since its launch last week, the Layer-3 chain Degen Chain has attracted a lot of attention and transaction volume, and the price of its native token DEGEN has soared 500%. Degen Chain has seen nearly $100 million in trading volume in the past 24 hours, executing over 272,000 unique trades. Since last Thursday, more than 7,500 contracts and 2,300 tokens have been circulating on the network, although most of them are rug pull projects or scams. As of Monday morning, Degen Swap (DSWAP) had a market cap of just over $14 million, and meme coin Degen Pepe (DPEPE) had a market cap of $23 million. The network currently does not support stablecoins, and users can only trade using DEGEN.