DEGEN has recently achieved an impressive ranking, securing the #2 spot across various on-chain metrics for memecoins.

This includes trader numbers and transaction counts, placing DEGEN just behind the renowned Dogecoin (DOGE). This is particularly noteworthy given DEGEN’s market cap stands at a mere 0.79% of Dogecoin’s.

Despite this achievement, DEGEN has seen a significant decline in value. Over the past 24 hours, its value has dropped by 11%, contributing to a total decrease of 27% over the last seven days.

On-chain data reveals that Whale 0x7be offloaded 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 Records Notable Loss After Selling Off 

Interestingly, this whale initially acquired the DEGEN tokens with 300 ETH, valued at $891,000, at an average price of $0.0222 each on April 14, 2024.

This recent sale resulted in a substantial loss for the whale. After selling the tokens, the whale recorded a loss of 177.2 ETH, equivalent to around $639,000 or a 59.1% decline over four months.

The fluctuations in DEGEN’s value underscore the volatility inherent in 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 buying any cryptocurrency or investing in any services.

Follow us on Twitter @themerklehash to stay updated with the latest Crypto, NFT, AI, Cybersecurity, and Metaverse news!

Image Source: jtdee23/123RF // Image Effects by Colorcinch

The post DEGEN Ranks No.2 In Memecoin Metrics Despite Notable Value Decline appeared first on The Merkle News.