- Degen coin offers a chance for crypto investors to get exposure to 10 low cap gems with one token
- The token was born from the Degen 10, a curated list that tracks some of the most promising low cap coins in the space
- Degen coin will represent a basket of these top 10 coins, with a medium risk profile
Finding the right coin in alt season can be the difference between a Lambo and a Fiat Uno, but finding the one that will go to the moon and back several times is like finding the right needle in a stack of identical needles. However, for those looking for exposure to low cap gems but lacking the time or knowhow to find them, DEGEN coin could be the answer.
Sers, what a strange, wicked, beautiful journey crypto can take us mortals on
It appears we’ll soon have a tradeable $DEGEN token
It will = a basket of 10 of the fastest-growing, most promising small cap tokens in crypto
— redphonecrypto (@redphonecrypto) February 7, 2021
Degen 10 Grows to Low Cap Index Coin
DEGEN coin is the result of a project called the Degen 10, which was set up by Twitter user redphonecrypto in December. The Degen 10 was set up as a “fun way to track the market”, focusing on low cap projects and curating a list of tokens that have the potential to make serious gains.
The Degen 10 was so popular that the project “quickly morphed into a brain dump of knowledge from many of crypto’s giga-brains”, and soon redphonecrypto’s followers were asking if there was a way to combine them into one investible format. Crypto being crypto, this idea was quickly picked up by the community, and discussions were started over a tradeable DEGEN coin. Fast forward a few weeks and the Degen coin is almost ready for launch.
DEGEN Coin For “Medium Risk Appetites”
According to redphonecrypto, a single DEGEN coin will represent “a basket of 10 of the fastest-growing, most promising small cap tokens in crypto”, allowing lovers of small cap projects to ape in to their hearts’ content on these “fire-breathing small cap tokens”, knowing that all the hard work has been done for them:
(DEGE coin will) make it easy for everyone to be a degen without having to put in degen hrs and have a degen history of f’ing around in this space for years.
The token will work in the same way as Binance and FTX’s baskets of DeFi tokens wrapped up into perpetual contracts, with the token set to launch on decentralized exchange Indexed, although the launch date is yet to be decided as the token has to clear governance first.
Of course, DEGEN coin doesn’t come without risk. On the contrary, small and low cap projects represent the biggest biggest risk – the project could fail, the developers could get bored and leave, or it could get hacked, to name but a few possibilities. redphonecrypto says that the projects that make up the Degen 10 are for those with “medium risk appetites”, and the list will be constantly monitored and updated.
So, if you like your apeing in to be as hassle free as possible, DEGEN coin might be the way for you-oo-oo-aa-aa…