Memecoins
DEGEN Ranks Second in Memecoin Metrics Despite Significant Drop in Value » The Merkle News
DEGEN has recently achieved an impressive ranking, securing second place in various on-chain metrics for memecoins.
This includes trader numbers and transaction counts, placing DEGEN just behind the renowned Dogecoin (DOGE). This is especially noteworthy given that DEGEN’s market capitalization is only 0.79% of that of Dogecoin.
Despite this result, DEGEN experienced a significant decline in value. Over the past 24 hours, its value has fallen by 11%, contributing to a total decline of 27% over the past seven days.
On-chain data reveals that Whale 0x7be downloaded 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 significant loss after sell-off
Interestingly, this whale initially purchased DEGEN tokens with 300 ETH, worth $891,000, at an average price of $0.0222 each on April 14, 2024.
This recent sale resulted in a substantial loss to the whale. After the token sale, the whale recorded a loss of 177.2 ETH, equivalent to approximately $639,000, or a decline of 59.1% in four months.
The fluctuations in the value of DEGEN highlight the inherent volatility of the memecoin market, even as the token garners significant trading activity and transaction 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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