DEGEN ranks second in Memecoin metrics despite significant drop in value » The Merkle News

DEGEN recently achieved an impressive ranking, securing second place in various on-chain metrics for memecoins.

This includes merchant numbers and transaction numbers, which puts DEGEN just behind the renowned Dogecoin (DOGE). This is especially notable given that DEGEN’s market cap is only 0.79% of Dogecoin’s.

Despite this performance, DEGEN has suffered a significant drop in value. In the last 24 hours, its value has dropped by 11%, resulting in a total loss of 27% in the last seven days.

On-chain data shows that whale 0x7be dumped 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 significant loss after sell-off

Interestingly, this whale initially purchased the DEGEN tokens with 300 ETH worth $891,000 at an average price of $0.0222 per unit on April 14, 2024.

This recent sale resulted in a significant loss for the whale. After selling the tokens, the whale recorded a loss of 177.2 ETH, which is approximately $639,000 or a 59.1% decrease over four months.

The fluctuations in DEGEN value underscore the volatility inherent in the memecoin market, even as the token sees significant trading activity and transaction volumes.

Disclosure: This is not trading or investment advice. Always do your research before purchasing any cryptocurrency or investing in any service.

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