Since Coinbase added DEGEN to its listing roadmap, the Base-native memecoin has experienced explosive growth, with its market capitalization exceeding $160 million. The token's price jumped 127% from $0.004 to $0.009 within 24 hours, while trading volume skyrocketed 15-fold to $136.8 million.
Why DEGEN Is Gaining Momentum
The recent price surge follows two key developments:
- DEGEN's inclusion in Coinbase's listing roadmap
- Base architect Jesse Pollak joining Coinbase's executive team as lead for Coinbase Wallet
Coinbase's strategic move comes as memecoins continue driving significant blockchain activity across networks like Solana, TRON, and TON. For Base—Coinbase's Layer 2 network—this listing could substantially increase onchain transactions and trading volume.
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The Business Case for DEGEN Listing
Industry analysts highlight why this listing makes financial sense for Coinbase:
- Revenue Generation: Base's growing activity directly contributes to Coinbase's bottom line through transaction fees
Ecosystem Growth: DEGEN becomes the fourth Base-native token supported for spot trading, joining:
- WELL (Moonwell)
- AERO (Aerodrome)
- SEAM (Seamless)
"CryptoQuant's Julio Moreno notes: "Memecoin season moving to Base represents a strategic opportunity for Coinbase to capture more user activity and transaction volume."
Community Response and Price Recovery
The DEGEN community—particularly on Farcaster's degen channel—has responded enthusiastically to the news. The token's resurgence comes after months of declining value:
| Date | Price | Market Cap |
|---|---|---|
| March 2024 | $0.057 | $710 million |
| June 2024 | <$0.01 | <$100 million |
| October 2024 | $0.009 | $160 million+ |
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Beyond Base, DEGEN also serves as the gas token for Degen Chain—a Layer 3 solution built on Base that launched earlier this year.
FAQ: DEGEN Memecoin Explained
Q: What is DEGEN?
A: DEGEN is a memecoin native to Coinbase's Base network, created for high-risk crypto traders and now expanding into broader utility.
Q: Why is DEGEN price surging?
A: The combination of Coinbase listing plans and renewed community engagement through Farcaster airdrops has driven recent growth.
Q: How does DEGEN benefit Base's ecosystem?
A: Increased DEGEN activity translates to more transactions on Base, directly generating revenue for Coinbase through network fees.
Q: Where else is DEGEN used?
A: Beyond Base, DEGEN functions as the gas token for Degen Chain, a Layer 3 blockchain solution.
Q: Should investors consider DEGEN?
A: Like all memecoins, DEGEN carries high volatility—investors should research thoroughly and never invest more than they can afford to lose.