Altcoin Price Soared Thanks to 150 Million Dollar Investment

DEGEN token, which was launched at the beginning of this year, gained more than 50% in value during the week.

Decentralized social media protocol Farcaster has raised $150 million from Paradigm, a16z crypto, Haun, USV, Variant, Standard Crypto and several other investors.

Using the Ethereum blockchain, Farcaster thus reached unicorn status and achieved a valuation of $1 billion.

Farcaster's founder Dan Romero said that they will focus on increasing the number of daily active users and adding new channels and direct messaging features to the protocol throughout the rest of the year.

Activity on the Farcaster network has grown 50x since October last year.

Degen's token, DEGEN, a community channel in the Farcaster protocol, started to rise rapidly after the investment news. According to TradingView data, DEGEN gained 53.22% during the week and rose to $0.023.