Degod, a newly minted Solana token, surged by over 10% on its first day of trading as traders scrambled to avoid missing out.

The Degod token reached an intraday high of $0.0095 before pulling back to $0.0075. This adjustment brought its market cap to over $76 million. In the past 24 hours, trading volume hit $15.5 million, primarily driven by activity on Raydium, Solana’s largest exchange. Other significant exchanges included Meteora and Orca.

Launched by the developers of the popular Solana non-fungible token (NFT) in collaboration with Sniper, a notable NFT marketplace, the Degod token has seen a surge in interest. Data shows that DeGods NFT sales increased by over 88% on Monday, reaching $1.12 million with 245 transactions, up 77%. To date, DeGods NFT sales have totaled $18.1 million, with 1,066 unique owners.

“The distribution of the DEGOD token has been ongoing organically for the past three years. It now has 41,241 unique holders across the Degods, yOOts, and dust ecosystems.”

These holders represent 85% of all tokens in circulation, with the remaining 15% allocated to the foundation and launch partners. The maximum circulating supply is capped at 1 billion tokens.

Historically, new crypto tokens often experience sharp gains post-launch, followed by a retreat as some holders sell their tokens. For example:

  • The Wormhole (W) token peaked at $1.8541 shortly after launch but has since declined by over 90%.
  • Zksyn (ZK) rose to $5 before falling to $0.09.
  • Notcoin (NOT), the popular tap-to-earn token, climbed to $0.029 before dropping 75% to $0.0072.

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