DEGEN briefly surged above $150M in market capitalization.
Surging exercise on Farcaster, a ‘sufficiently decentralized’ social media protocol, has spawned a brand new wave of memecoins on Base, the Ethereum Layer 2 community constructed by Coinbase.
DEGEN, a token launched in early January with an airdrop for energetic Farcaster customers, is down 20% right this moment after rallying greater than 1000% up to now week.
A second airdrop is underway with a marketing campaign to incentivize engagement on the platform. Customers get a each day ‘tip allowance’ to reward their posts of selection, with the recipients having the ability to declare tokens.
The flurry of exercise comes after Farcaster launched Frames final week, enabling customers to embed mini-apps of their posts (referred to as casts on the platform). Neighborhood members have been fast to embrace the brand new characteristic, launching NFT mints, token airdrops, video games and extra.
Different notable tokens embody FRAME, which peaked at $10M on Jan. 4, and GUAC, which may be claimed each day by Farcaster customers.
In the meantime, most main memecoins have had a tough week, with Solana-based BONK and WIF down 14% and 33%, respectively, up to now seven days. PEPE on Ethereum dropped 12%.
One exception is Pepe Fork (PORK), which has surged to a $250M market capitalization since launching on Jan. 30.
