- Degen rose more than 160% in 24 hours after Coinbase announced trading support for the Base token.
- The io.net token is also scheduled to be listed on Coinbase, but its price has fallen due to a decline in cryptocurrencies due to geopolitical events.
Degen (DEGEN) soared after US-based cryptocurrency exchange Coinbase announced that it had added DEGEN to its listing roadmap.
DEGEN surged from a low of $0.004 to nearly $0.012 after the news, per market data from CoinGecko. In terms of 24-hour gains, the price of the meme coin surged more than 160%, pushing the value of the Degen token to levels last seen in June of this year.
DEGEN listed on Coinbase
Degen, the community token and blockchain of decentralized social platform Farcaster, will be added to Coinbase for spot trading.
GM Degens! Great news – $DEGEN becomes the 4th person to be listed on Coinbase spot trading. @base token. This journey has been difficult and there is much more ahead. A huge thank you to the Degen and Base families for joining us. Let’s keep building! https://t.co/m9j1FcTYMs
— Degen 🎩 (@degentokenbase) October 1, 2024
When Coinbase unveiled its listing roadmap for July 2022, it mentioned how it would ensure transparency. The exchange also uses this to prevent front-running by only using assets that Coinbase has decided to list on its current roadmap.
Degen was launched as a reward token for the Farcaster community.
Adoption as a meme coin helped build a strong user base, but with increased developer activity and content creation, the project has increasingly attracted renewed interest.
DEGEN tokens are currently traded on platforms such as OKX, Bybit, KuCoin, and Gate.io. The price has increased by more than 330% in the last 30 days. However, this remains well below the all-time high of over $0.064 reached in March 2024.
Coinbase and io.net are also listed
io.net (IO) is another token that Coinbase announced trading support for by adding it to its roadmap. However, while DEGEN rose sharply, IO traded lower along with other cryptocurrencies due to geopolitical uncertainty in the Middle East.
io.net is a decentralized AI computing platform built on Solana.
IO prices fell 14% in the last 24 hours, but are generally showing strength after a rebound over the past month. The current price is up more than 25% in the last 30 days, with most of the gains occurring in late September after io.net announced its partnership with Phala Network.
The IO price hovered around $1.78.