The surge in metrics for Dogecoin and Degen suggests growing popularity within the crypto community. Dogecoin had the highest number of traders at 134,000, representing 26.76% of the total count on June 17.
In comparison, Degen had 21,000 traders on February 26, accounting for just over 2%. Over the past four months, Degen has surged to reach 115,000 traders, representing 22.8% of the market.
The crypto exchange Uphold’s announcement of DEGEN token’s listing has contributed to its surge. DEGEN aims to transition from its reward mechanism, where users earn tokens via community interaction, to a decentralized applications (dApps) ecosystem with DEGEN Chain.
The platform will utilize DEGEN as the native token to power this ecosystem. DEGEN Chain, the platform’s ecosystem for dApps, is an Arbitrum Orbit chain integrating with Base and utilizing AnyTrust for data availability.
The development of this ecosystem signifies Degen’s growth and expansion within the crypto space.