DEGEN Takes Off From Base 🪽
Memecoin born on Farcaster social network is making all the buzz. Don’t be too quick to ‘poo poo’ memecoins: Arthur Hayes. Base’s DEX volume $1B+. Spot Ether ETF: Who's cautious and who's optimistic.
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DEGEN, a memecoin born on the Farcaster social network, is making a surprisingly strong showing on the Base chain.
How it all started?
Starting as an unofficial Farcaster channel token in January 2024, DEGEN quickly gained traction within the community.
Capitalising on the launch of the Base chain, DEGEN transitioned to becoming an ERC-20 token, attracting a wider audience with faster transactions and lower fees.
Farcaster 101
Think Twitter on the blockchain, but cooler.
Farcaster lets you interact with apps and even buy stuff directly within your feed.
DEGEN's current price is 228,520% higher than its all-time low of $0.00002255 on January 15, 2024.
Shot up 244% in 7 days.
It's become a serious player on the Base chain, even scoring $1.5 million in grants last month.
DEGENomics: A Look Under the Hood
DEGEN's tokenomics are designed to incentivise long-term holding.
Here's a breakdown.
Traders are winning big
March has brought big wins for the traders and investors.
$113K into $3.4M
$18K into $5M
Cryptocurrency focused investment firm "1confirmation" is hodling $100 million worth of DEGEN - 5% of the supply.
Block That Quote 🎙️
BitMEX co-founder Arthur Hayes.
“You can poo-poo these things as stupid and valueless, but if it brings attention and more engineers to the space, it’s positive value for the chain itself.”
Hayes says don't dismiss memecoins.
Think Doge, think Shiba Inu – these viral memecoins might seem like a joke, but Hayes argues they bring real value.
How? By bringing in a whole new wave of people to the crypto world.
Base Takes Off
Coinbase's Layer-2 network, Base, smashed its DEX trading volume record, surpassing $1 billion.
All thanks to the memecoin gold rush.
On March 30 base hit 1.2 Billion DEX trading volume with Uniswap handling over 64% of the trading volume.
That's not all.
Base's weekly active users have doubled.
Base daily-network revenue hit $40 Million.
In the Numbers 🔢
$150 billion
Stablecoin supply - $20 billion increase since January.
Tether (USDT) remains the leader, surpassing $100 billion in market cap.
Circle's USDC supply reached $32 billion.
Newcomers like FDUSD and USDe see supply growth due to platform adoption and attractive yields.
Stablecoin trading volume reached $1.09 trillion in February – the highest since December 2021.
Spot Ether ETF: Who's cautious and who's optimistic?
Cathie Wood of Ark Invest throws cold water on May approval: “The probability is probably going down” she said. Believes the SEC is taking its sweet time reviewing proposals.
21Shares takes the green light: Ophelia Snyder, from Ark's partner 21Shares, is more optimistic. Highlights the similarities between approved Bitcoin ETFs and the proposed ether ones.
Bitwise wants Ethereum ETF approval on hold: CEO, Matt Hougan thinks the SEC should hold off on approving Ethereum ETFs until December. His reasoning? TradFi needs more time to get comfortable with crypto before diving into Ethereum.
The Surfer 🏄
Tornado Cash Co-founder Roman Storm seeks dismissal of charges, claiming they are "fatally flawed." Storm's defense argues: Tornado Cash was already developed and public before sanctioned entities used it.
Doodles NFT co-founder, Poopie (Jordan Castro), airdropped a new memecoin named Poopcoin ($POOP) to the Doodles community. In just 10 hours, snipers bought over 36% of the supply, with one making $450,000 already.
FTX bankruptcy estate plans to begin repaying creditors by the end of 2024. First meeting of FTX Digital's Joint Official Liquidators outlines repayment timeline.
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