Degen, the second-largest meme coin on the Base Blockchain, experienced a significant surge on October 2, positioning it as the best-performing cryptocurrency.

Impressive Gains for Degen

The Degen token soared by over 128%, reaching a peak of $0.012, marking its highest level since June 16. This impressive rise represents a 300% increase from its September low. The surge followed its listing on Coinbase, the largest crypto exchange in the United States.

GM Degens! Huge news—$DEGEN is getting listed on Coinbase Spot trading, becoming the 4th token on Base. This journey’s been wild, and we’ve got plenty ahead. Big thanks to the Degen and Base fam for sticking with us. Let’s keep building!

Cryptocurrencies often see a jump in value after being listed on tier-1 exchanges such as Coinbase, Binance, Bybit, and OKX. This rally is typically driven by trader excitement and the anticipation that the token will become available to a broader group of investors. However, these exchange listing pumps are usually short-lived, especially if the overall market sentiment is not favorable.

Factors Behind Degen’s Surge

The Degen token’s rise is also attributed to an increase in the number of smart money holders, even as volume on centralized exchanges fell. Data indicates that exchange volume decreased by 9% to $3.65 billion, while smart money holders increased to 80, the highest level since July 21.

Degen has become a significant player in the meme coin sector, with its market cap reaching $175 million. It ranks as the second-largest token in the Base network, following Brett, which boasts a market cap of over $843 million.

Performance of Base Meme Coins

Base meme coins have shown strong performance in recent weeks. Mister Miggles has risen by 17% over the last seven days, while mfercoin, Basenji, and Keyboard Cat have seen gains exceeding 10% in the same period. The combined market cap of all meme coins in the ecosystem is over $1.3 billion.

This robust performance has helped establish Base as one of the largest layer-2 networks in the industry. Data shows that volume in its decentralized exchange (DEX) networks has increased by 16% over the past seven days, reaching over $4.2 billion.

Technical Analysis of Degen

The Degen token’s price surge followed the formation of a double-bottom pattern at $0.0028. It broke above the pattern’s neckline at $0.005570, which was its highest point in September and August. Additionally, Degen crossed above the 50-day moving average, with oscillators indicating upward momentum.

While the recent gains are notable, the price may retrace as the post-listing momentum fades. If a pullback occurs, the next level to monitor will be $0.0055.

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