Crypto exchange Binance announced that it will today list Degen (DEGEN), the meme coin developed based on the Coinbase layer 2 network. Following this disclosure, the price of DEGEN soared by 50%, trading currently at $0.29.
Once launched, the DEGEN Binance listing will be the first meme core coin on Binance. Here’s what could happen to cryptocurrency in the short term.
Binance to list Degen on its futures market
According to Binance, DEGEN will be available for trading at 11:30 UTC today. The exchange too note that its users will be able to trade the token with up to 75x leverage. Interestingly, the Degen Binance listing is one of the meme coin series which he listed recently.
As The price of DEGEN has soaredjust like its transaction volume. According to Santiment, the value of the meme coin soared 131% in just a few minutes.
High trading volume indicates greater market participation, making it more likely that the trend will continue. Conversely, low trading volume may suggest an impending trend reversal. Therefore, if the volume of Degen, which was initially a reward token for Farcaster Degen channel participants, continues to increase, the price could continue to rise.
On top of that, data from IntoTheBlock shows an increase in project part holding time. The Coin Holding Time indicator tracks how long a coin has been held without being traded or sold, providing insight into investor behavior.
When it falls, it means holders are selling and the price may fall.
However, since the metric has dropped, this implies that the DEGEN coin holder meme are refraining from selling, which is bullish for the token.
DEGEN Price Prediction: Meme Coin Eyes $0.37
From a technical perspective, the 4-hour chart of Basic Chain Coin shows that the Awesome Oscillator (AO) reading has increased. AO is a momentum indicator that compares recent market movements to historical movements. It uses a center zero line, with price movements plotted above or below it based on comparing the 5- and 43-period moving averages.
When the reading is negative, the momentum is bearish. On the other hand, a reading above the zero line, as is currently the case, indicates that the momentum around DEGEN is bullish. If this remains the same, the price of the token could reach $0.37.
However, if volume drops and momentum turns bearish, this might not happen. Instead, DEGEN could drop to $0.18.
Disclaimer
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