$DEGEN, a popular meme token based on the ERC-20 standard, has recently made significant strides in the crypto market. Reports indicate that the coin has climbed to the 2nd position in various on-chain metrics related to meme coins, showing a notable surge in its popularity within the meme coin sector.
Surprisingly, $DEGEN now holds the #2 spot in on-chain metrics for meme coins, closely trailing behind $DOGE in terms of trader numbers and transaction count.
This achievement is particularly impressive considering that $DEGEN’s market cap is only 0.79% of Dogecoin’s.
According to on-chain data, $DEGEN has attracted a considerable number of traders and witnessed a high volume of transactions, leading to its current position as the 2nd top meme token, just behind $DOGE.
Launched earlier this year in January, $DEGEN has quickly gained attention and value in the market. Within a month of its release, the token reportedly saw a 1,500% spike in value and reached a market capitalization of nearly $212 million.
Despite having only 0.79% of the market cap of $DOGE, $DEGEN’s rapid rise to the 2nd position is remarkable. While Dogecoin has been struggling to maintain its top spot, $DEGEN’s surge suggests potential for further growth in the future.