DEGEN’s market worth as soon as soared to greater than $150 million.
Energetic exercise on Farcaster, a “absolutely decentralized” social media protocol, has spawned a brand new wave of meme cash on Base, the Ethereum layer 2 community constructed by Coinbase.
DEGEN, a token launched in early January as an airdrop for lively Farcaster customers, is down 20% at present after rising greater than 1,000% over the previous week.
A second airdrop is underway to incentivize participation on the platform. Customers can earn a day by day “tip allowance” to reward posts of their alternative, and recipients can declare tokens.
Farcaster launched Frames final week, which allows customers to embed mini-applications (known as casts on the platform) of their posts, and a flurry of exercise adopted. Neighborhood members rapidly embraced this new function, launching NFT minting, token airdrops, video games, and extra.
Different tokens of notice embody FRAME (which peaked at $10 million on January 4) and GUAC (which Farcaster customers can declare day by day).
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 fell 12%.
One exception is Pepe Fork (PORK), which has seen its market capitalization surge to $250 million since its launch on January 30.
