According to market data, Degen Chain, the layer 3 blockchain behind altcoin Degen, witnessed a very rapid increase in ecosystem tokens on March 31. This increase comes amid increased interest in the project and whaling activity that has recently turned a significant profit. Here are the details…
Degen Chain started to fly: Here are the altcoin projects you should pay attention to
Layer-3 Blockchain Degen Chain has emerged as a very niche area lately. At the forefront of this rise is DegenSwap (DSWAP), the platform’s native DEX token. DSWAP currently stands at $18.89, an incredible 465% increase in just 24 hours. This unprecedented price increase attracts attention in user activities. It also points to an increase in interest in the DegenSwap platform.
Degen Chain’s meme tokens DINU and PURP also made significant gains. DINU is up a significant 194% over the same time period. So it is currently trading at $0.0048. Meanwhile, PURP increased by 67% in just 6 hours, reaching $0.0057. This synchronized growth in the Degen Chain ecosystem is critical. Because it points to a broader market sentiment supporting the project’s potential.
Whale activity attracted attention
There was another development towards the rise. The recent activity of a whale address identified as 0x2f7 attracted attention. According to data from ai_9684xtpa, this address has been diligently accumulating the chain’s token DEGEN since February 8. As of March 25, the address held a whopping 323 million DEGEN tokens, representing a total investment of 964.1 WETH (wrapped Ether) at an average price of $0.0095 per DEGEN. Remarkably, this address holds 93% of its shares.
With DEGEN’s current price significantly exceeding its average purchase cost, the address is estimated to generate $12.7 million in variable profits. This whale activity, combined with the overall token price increase in the Degen Chain ecosystem, paints a picture of a project full of potential. The significant increase in DSWAP, the platform’s underlying DEX token, points to a growing user base and increased trading activity. Meanwhile, impressive gains in DINU and PURP are attracting investors’ attention.
The exact reasons behind the rise in Degen Chain remain unclear. However, a number of factors likely contributed to this rapid rise. The project’s innovative layer 3 architecture, designed for scalability and efficiency, may appeal to users looking for an alternative to congested layer 1 blockchains. Additionally, the recent whale accumulation and subsequent profitability has attracted attention. Because it can cause a wave of FOMO (fear of missing out) among other investors. Looking ahead, it will be interesting to see if Degen Chain can maintain this momentum.
To be informed about the latest developments, follow us Twitter’in, Facebookin and InstagramFollow on . Telegram And YouTube Join our channel.