$DEGEN, a popular ERC-20 meme token, has recently made significant strides in its growth. Reports indicate that the cryptocurrency has risen to the 2nd position in various on-chain metrics related to meme coins. It has experienced a notable surge within the meme coin sector.
Surprisingly, $DEGEN now holds the #2 spot in on-chain metrics for meme coins, closely following $DOGE in terms of trader numbers and transaction volume.
This achievement is remarkable considering that DEGEN’s market capitalization is only 0.79% of Dogecoin’s.
According to on-chain data, $DEGEN has a substantial number of traders and is witnessing a high volume of transactions, leading to its 2nd place position in the meme coin market, just behind $DOGE.
$DEGEN was launched in January of this year and has since garnered significant attention. Within a month of its release, the token’s value reportedly spiked by 1,500%. It also reached a market capitalization of nearly $212 million during that time.
Despite having only 0.79% of $DOGE’s market capitalization, $DEGEN has managed to secure the 2nd rank in a short period. While $DOGE has been struggling to maintain its top position, $DEGEN’s rapid rise suggests potential future growth.
