DEGEN crypto at $0.007 support – Is THIS not enough to stop a drop?
The post DEGEN crypto at $0.007 support – Is THIS not enough to stop a drop? appeared on BitcoinEthereumNews.com.
DEGEN crypto topped the week as a leading gainer, soaring 127% after the Coinbase listing. However, a key resistance factor dampened the hype. Degen [DEGEN] has seen significant fluctuations following its listing on Coinbase, which initially sparked a buying frenzy, resulting in a remarkable 127% surge shortly after. However, the excitement appears to have tapered off, with DEGEN priced at $0.007389 at press time, reflecting a 7% drop in the last 24 hours. This decline raises doubts about whether the initial hype has faded, or if there is potential for resurgence. DEGEN crypto faces retracement DEGEN, a memecoin on Coinbase’s L2 network Base, surged in price and volume after being added to the exchange’s listing roadmap. The token jumped 127% from $0.004 to $0.009, with trading volume rising from $8.5M to $89M. However, this rally was short-lived, leaving many stakeholders in a net loss position. Approximately 23K addresses now hold about $3.7B in DEGEN at a loss, with FOMO keeping them engaged as they hope for a price reversal. Source : IntoTheBlock Meanwhile, if bulls fail to maintain support at $0.007, approximately $2B in DEGEN could be at risk of liquidation, as investors may rush to break even against their acquisition price of $0.006. Typically, memecoins like DEGEN boost on chain activity, benefiting Coinbase through transaction fees. Simply put, as users trade DEGEN, the volume generates revenue for Coinbase, making the inclusion of such tokens on their platform strategically advantageous. However, despite the initial spike, bulls failed to flip the $0.009 resistance into support amid ongoing volatility. If they had succeeded, a surge past $0.009 could have brought DEGEN back to mid-June levels, which it hasn’t retested since. Can it achieve that this time? If these conditions align Interestingly, for a memecoin, maintaining community hype often hinges on routine developmental activities,…
Filed under: News - @ October 3, 2024 8:23 pm