Degen is up 223% in 30 days as Base Blockchain DEX volume surges

​​Degen, a popular meme coin on the Base Blockchain, has made a strong recovery, making it one of the best-performing cryptocurrencies.

Degen (DEGEN) is up over 223% in the last 30 days, up 335% from this year’s low point. Data compiled by Nansen shows that the recovery coincided with an increase in the number of smart money holders. It has 67 owners; This is the highest level since June 19 and is above September’s low of 45.

The token also skipped the Coinbase listing set for October 15. This is a big development as Coinbase is the largest crypto exchange in the United States. In most cases, altcoins rise before a major exchange listing.

Hello Degens, $DEGEN It will begin trading on Coinbase tomorrow, October 15, at 9 a.m. (pending conditions). A huge milestone for our community! Thank you to everyone who is with us in this wilderness @basis journey from the beginning; It was epic. Happy trading tomorrow! https://t.co/O6YoLdXErh

— Degen 🎩 (@degentokenbase) 14 October 2024

This listing comes a day after the developers partnered with PancakeSwap, the largest decentralized exchange on Binance Smart Chain. The partnership led to the launch of the DEGEN-ETH liquidity pool.

Degen is now listed on some of the largest exchanges in the industry, including Gate.io, OKX, Bybit and HTX. Most of its trading takes place on Uniswap, Aerodrome and OKX. With the approval of the Coinbase listing, there is a possibility that Degen will be listed by Binance.

Degen’s rise also coincided with the continued increase in Base Blockchain DEX volume. DeFi Llama data shows that the network has processed over $5.69 billion in the last seven days, making it the third largest chain after Ethereum (ETH) and Solana (SOL). BNB Chain has surpassed other major networks such as Arbitrum and Sui.

Degen’s rally took place in a high-volume environment. CoinGecko’s data shows 24-hour volume rose above $43 million, the highest point since October 11.

Other Base meme coins also increased. Brett is up 20% in the last seven days, while Keyboard Cat and mfercoin are up over 30% in the same period.

Degen price formed a rounded bottom Degen price chart | Source: TradingView

The Degen token dropped to a low of $0.0022 in August and has been on a slow upward trend since then. It rose to a three-month high of $0.012.

Degen broke above the 50-day moving average and formed a round bottom pattern, a popular bullish sign. Therefore, the token may continue to rise as the bulls target the key resistance level at $0.02555, the June 5 high and 148% above the current level.