Degen, the memecoin on Base, is making strides to shed its meme tag by pivoting towards greater utility through the new DEGEN Chain. Surprisingly, it is showing strong traction across two key on-chain metrics.

According to recent data, Degen has surpassed major meme coins in the market in terms of the number of traders and transactions. While it’s unlikely to surpass DOGE, the surge in these metrics suggests a growing popularity within the crypto community.

Degen vs. Dogecoin in On-Chain Metrics

In February, Dogecoin peaked with over 769,000 traders, accounting for more than 75% of the total number of traders in the meme coin market at the time. In comparison, Degen had only 21,000 traders on February 26, accounting for just over 2%.

As of June 17, Dogecoin remained the coin with the highest number of traders at 134,000, representing 26.76% of the total count. Degen, on the other hand, has surged over the past four months to reach 115,000 traders, representing 22.8% of the market.

This achievement is notable considering DEGEN’s market cap is only 0.79% of Dogecoin’s.

DEGEN’s Move to a Decentralized Ecosystem

Base meme coins are trending, and Degen (DEGEN) is among those showing significant growth. DEGEN’s surge follows the announcement from a major crypto exchange about the token’s listing. The meme coin aims to transition from its simple reward mechanism, which allows users to earn DEGEN tokens through community interactions like likes, comments, or holding NFTs.

With the introduction of DEGEN Chain, the platform aims to create an ecosystem for decentralized applications (dApps). DEGEN Chain is an Arbitrum Orbit chain that integrates with Base and utilizes AnyTrust for data availability. DEGEN will serve as the native token powering this ecosystem.

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