Base chain Degen’s road to thousand-fold growth

Recently, a MEME ecological Degen has quickly become popular on the Base chain.

Degen was originally the token of a channel in the decentralized social application @warpcast_. It was first used to reward content. After the token was launched in January this year, it has developed very rapidly. Both the currency holding addresses and the transactions surrounding it are growing rapidly, making it a popular meme coin in the Base ecosystem.

Recently, the Syndicate team has launched a Base-based Layer 3 system based on the technology of Arbitrum Orbit and AnyTrust using Degen as the system's native token, called Degen Chain. .

Interestingly, when the Degen token was first launched, its price was $0.000033 on January 15, and as of the time of writing, its price It is US$0.046, an increase of 1,400 times in the past three months.

A thousand times the coin.

Seeing the extremely short development history of Degen, I thought of Dogecoin, Shitcoin and PEPE.

The original purpose of Dogecoin was to reward content. At that time, the creator of Dogecoin believed that the price of Bitcoin was too expensive (of course, it is still extremely cheap compared to today), so he launched a much cheaper Dogecoin.

Later, Dogecoin did not develop into a widely used reward currency as the creator envisioned. Instead, it was "taken over" by Musk and gradually developed into Meme coins.

However, since the development of Dogecoin, the support from the community has been relatively weak. There will only be a wave of popularity every time Musk brings emotions to it. This makes its future development too uncertain.

The development of Shitcoin is completely different from that of Dogecoin. It was a "joke" and a "social practice" at the beginning, but later its team did not Satisfied that Shitcoin was just a meme coin, it used it as a native token to develop a second-layer expansion system based on Ethereum.

But after the launch of this second-tier system, its ecology does not seem to have made much progress. We can't see any high-profile applications.

Unlike Dogecoin and Shitcoin, Pepe had a great start and had very high-quality memes. Unfortunately, after a short period of popularity, What a disappointing team performance. Now it can only rely on price to attract popularity. But this kind of pull is difficult to continue to promote the long-term development of a meme.

Pepe's trend has further strengthened a point of view that I have always insisted on:

If a project starts well, it will often follow up. It will be disappointing;

On the contrary, if a project is unknown at the beginning, as long as it concentrates on construction, once it encounters a tipping point later, the strength it accumulated in the early stage will instantly It breaks out and forms a high threshold, and it will quickly surpass its competitors. And such projects will be more durable and have more staying power.

After Degen was launched in January, it was basically only circulated in small circles. With the promotion and application of the community, it began to appear on a large scale around March. . This trend is much healthier than that of Pepe.

In addition, it combines the characteristics of Dogecoin and Shitcoin: like Dogecoin, it started as a reward, and like Shitcoin, it eventually embarked on construction The ecological path has its own proprietary chain.

But unlike Dogecoin, its trend does not depend on a person's emotions; and unlike Shitcoin, it has a better ecological foundation--- --Behind it is Farcaster, which is continuing to gain popularity.

Generally speaking, Degen has the best overall conditions among these meme coins. But there is also a question here: How about the team that built Degen Chain? Will it continue to promote its development?

If Degen can continue to develop on the current path, relying on the current ecological popularity of Farcaster and Base, it is very likely to develop into a unique Layer 3.

As for its price, it is not too low now. As of the time of writing, the full circulation market value has exceeded US$1.7 billion, ranking 70th in terms of market value.