Memecoin $DEGEN Jumps 10% on Coinbase Listing

Degen ($DEGEN) has witnessed an impressive price surge as Coinbase is set to list the memecoin. In an X post on Monday, the crypto exchange announced it would list $DEGEN on its platform on or after 9 AM PT on October 15.

Coinbase will add support for Degen (DEGEN) on the Base network. Do not send this asset over other networks or your funds may be lost. Transfers for this asset are available on @Coinbase & @CoinbaseExch in the regions where trading is supported.

— Coinbase Assets 🛡️ (@CoinbaseAssets) October 14, 2024

$DEGEN Jump on Coinbase Listing

It’s common for cryptocurrencies to experience price surges after being listed on major exchanges like Coinbase, Binance, Bybit, and OKX. Such rallies typically stem from heightened trader enthusiasm and the anticipation that the token will see more visibility and gain more access from investors.

Shortly after the Coinbase listing announcement, $DEGEN’s price jumped by 10% to $0.01161. 

The exchange stated that transfers for this asset will be available in regions where trading is permitted, though availability may be limited in certain jurisdictions. It added that trading on the DEGEN-USD trading pair would launch in phases once the asset has sufficient supply.

Earlier this month, $DEGEN soared by over 128%, reaching a peak of $0.012—its highest level since June 16—after Coinbase announced it would add the token to its listing roadmap. While a retracement followed this performance, the token still experienced a remarkable 300% increase from its September low.

$DEGEN has emerged as a significant player in the memecoin market on Base, boasting a market value of $196 million, according to CoinGecko. It ranks as the second-largest memecoin on the Base Chain, trailing only Brett, with a market cap of approximately $800 million.

$DEGEN trades at $0.01164 at press time, representing a 12% surge in the past 24 hours.

Memecoin Market on Base 

Meanwhile, several other Base Chain-based memecoins are also gaining. Mister Miggles has increased by 15% in the past 24 hours, while Mfercoin and Basenji have risen by over 11%. Base Chain-based memecoins have a combined market cap of over $1.3 billion.