Memecoins
DEGEN ranks #2 in Memecoin metrics despite notable drop in value » The Merkle News
DEGEN recently achieved an impressive ranking, securing second place in various on-chain metrics for memecoins.
This includes the number of traders and the number of transactions, placing DEGEN just behind the popular Dogecoin (DOGE). This is particularly notable given that DEGEN’s market capitalization is only 0.79% of that of Dogecoin.
Despite this success, DEGEN experienced a significant drop in value. Over the past 24 hours, its value has fallen by 11%, contributing to a total drop of 27% over the past seven days.
On-chain data reveals that Whale 0x7be offloaded all 40.21 million DEGEN tokens, worth approximately $429,000, in exchange for 122.8 ETH at an average price of $0.01092 per token.
DEGEN Whale posts notable loss after sale
Interestingly, this whale initially acquired the DEGEN tokens with 300 ETH, valued at $891,000, at an average price of $0.0222 each on April 14, 2024.
This recent sale resulted in a substantial loss for the whale. After selling the tokens, the whale recorded a loss of 177.2 ETH, which equates to approximately $639,000, a four-month decline of 59.1%.
Fluctuations in DEGEN’s value highlight the volatility inherent in the memecoin market, even though the token generates significant trading activity and trading volumes.
Disclosure: This is not trading or investment advice. Always do your research before purchasing any cryptocurrency or investing in any service.
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