- The DEGEN coin is live after a three-week wait
- The DEGEN10 index contains 10 coins that, its creator says, represent the “most promising” small cap coins on the market
- The coin spiked at $42 on launch but has since settled to the $5-$6 range
After much excitement and anticipation, DEGEN coin is finally here! The token, which is an index of what its creator calls “a basket of 10 of the fastest-growing, most promising small cap tokens in crypto” launched on Indexed Finance yesterday, quickly finding a floor at the $5-$6 range after early trading saw it hit $43. The basket of tokens, which is subject to change over time, contains a number of tokens that will be familiar to many and some outside choices that are not so well known.
DEGEN Coin Spiked at $43 in Early Trading
DEGEN coin listed Monday morning, with trading going live several hours before the announcement. Early birds were not to be rewarded however, as the token price fluctuated wildly, with the stated price on the Indexed Finance exchange bearing no resemblance to the real cost of the token in the opening hours. This led to some buyers spending up to $43 per token as the on-screen price fluctuated between $0.66 and $2.00:
However, the price soon settled down to just above the $5 mark and has been rising steadily, thanks in large part to alts enjoying a strong recovery as Bitcoin bounced back to the $49,000 mark.
Index Subject to Change
The tokens that make up the DEGEN coin basket are a mixture of familiar and less familiar. Some of the more familiar names include RSR, REN, CRV, and BADGER, while the lesser known coins include MIR, OCEAN, and Polkadot coin POLS. The index is subject to change as more promising coins come onto the market and market caps of the existing ones increase.
Given that the DEGEN coin index actually features a few well respected projects it might be less of a degen play than may first have been anticipated, and could be a good way to play the DeFi market in particular this bull run.