Degen is the unofficial token of the Farcaster community, which operates on the Base blockchain. Degen, however, follows the ERC-20 standard and is the native token of the layer-3 blockchain Degen chain.
On the Farcaster ecosystem, Degen serves as the default mode of transaction for participants to reward each other for posting quality content.
This article will act as a handbook for understanding the Degen token. I will also briefly talk about the Farcaster platform. You can find sections about the economics of the Degen token, its past performance, and price predictions.
Toward the end of the piece, you can find details of where and how you can buy these tokens, should you wish to. Let’s jump in without any further ado.
What Is Farcaster?
Farcaster is a decentralized social media protocol built on top of the Optimism blockchain. Farcaster is open source and hosts applications like Warpcast, which is a Twitter-like application, only on web3. Like other social networking websites, you can write posts, follow other users, and like or share their posts. Creators who write quality posts will be rewarded with DEGEN.
Degen (DEGEN) Tokenomics
Degen has a total supply of 36.97 billion tokens and it is also its maximum supply. At 4.18 billion, only 38.36% of the tokens are in circulation.
Degen (DEGEN) Past Performance
The Degen token hit the exchanges only in the fourth week of March 2024. Right after the launch, the token gained considerable traction and hit an all-time high of $0.064 by the end of the month. However, this was followed by a gradual correction.
While crafting this article, the Degen token is priced at $0.02764 in the exchanges.
With about $390 million in market capitalization, the token is 20 percent up from yesterday. The 24-hour trading volume is now past $60 million, still 10% less than that of yesterday.
Degen (DEGEN) Price Prediction
Technical indicators suggest that the market is bearish although the Fear & Greed Index is at 67, indicating greed. Degen recorded 17(57%) green days in the past month with 52.87% price volatility. Our analysts think that now is not a good time to buy Degen tokens.
2024: Based on technical analysis, the price of Degen is expected to go up by 223.78% and hit $0.091292 by the third week of May.
2025: Going into 2025, the price of Degen is expected to fall between $0.028195 and $0.131264. If we compare this to today’s price, this will be translated into a neat 388.99% return for the investor.
2030: Fast forward to 2030, Degen is expected to be priced in the range of $0.068931 and $0.111765. In comparison, this will equate to a 319.15% return on investment if the token reaches the upper price target.
Where to Buy Degen (DEGEN)?
You can find the highest liquidity for Degen in the following places.
How to Buy Degen (DEGEN)?
Follow these steps to buy the Degen token from Gate.io.
- First visit the Gate.io website, sign up for a new account, and complete the KYC.
- Now, load the Gate.io wallet with Tether (USDT) stablecoins.
- Navigate to Gate.io’s trading section and search DEGEN/USDT.
- Choose the ‘limit order’ and enter the number of Degen tokens you plan to buy. Hit the ‘buy’ button.
- Click ‘confirm’ and when the transaction is complete you can find them on your Gate.io wallet.
Conclusion
Degen is a very interesting crypto token. Though it is the gas token of the Degen chain, it is most popularly used on the native token of Farcaster protocol. Despite getting considerable traction after launch, Degen’s price has slipped to opening prices. Our analysts are cautiously optimistic about the token’s future.
With all of that being said, we still think that not everyone is ready to invest in crypto markets. Owing to their still-novel nature, crypto assets, including cryptocurrencies are highly volatile. For the same reason, investing at the wrong time could lead to a loss of principal.
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