Degod, a newly minted Solana token, jumped by over 10% on its first day of trading amid fear of missing out among traders.
Degod (DEGOD) surged to an intraday high of $0.0095 before retreating to $0.0075 at press time. This decline brought its market cap to over $76 million.
Its 24-hour volume was $15.5 million, according to DEXTools. Most of this volume was from Raydium, the biggest exchange in Solana (SOL) ecosystem followed by Meteora and Orca.
The Degod token was launched by the developers of the popular Solana non-fungible token in collaboration with Sniper, a prominent NFT marketplace.
Data from CryptoSlam shows that DeGods NFT sales jumped by over 88% on Monday as interest in the token increased. Sales rose to over $1.12 million, with the number of transactions up 77% to 245. Over time, DeGods NFT sales have totaled $18.1 million, with the number of unique owners standing at 1,066.
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According to its website, the distribution of the DEGOD token has been ongoing organically for the past three years. It now has 41,241 unique holders across the Degods, yOOts, and dust ecosystems.
These holders account for 85% of all tokens in circulation, with the remaining 15% allocated to the foundation and launch partners. The maximum circulating supply is 1 billion tokens.
Historically, new crypto tokens often experience sharp gains after launch, followed by a retreat as some holders sell their coins. For instance, the Wormhole (W) token surged to a high of $1.8541 shortly after launch but has since dropped by over 90%.
Similarly, Zksyn (ZK) rose to $5 and has now plummeted to $0.09. Notcoin (NOT), the popular tap-to-earn token, rose to $0.029 and then dropped by 75% to $0.0072.
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