After nearly going through its lowest price of $0.002, Meme token DEGEN experienced an upsurge listing on Coinbase and a jump of 400% in market capitalisation. DEGEN continues to support product updates and build an engaged community. The Farcaster community is more like an adhoc product incubator which brings many experimental products alongside stable mature ones. DEGEN maintained an active role in the incubator despite downtimes experienced this year.
Over 6 months, most first version of Farcaster early projects ceased to exist, bar the early community reward currency. There’s been a significant movement from a 1st Generation reward currency to a 3rd version which was met with sentiment change and product iteration.
This is part of 3 major transformations founder, Jacek, has gone through and currently the focus is on giving back to the core tipper using new vault staking functionality.
Looking into the future, DEGEN should create more feature products that use “content tipping,” potentially forming a product matrix. According to founder Jacek’s tweets, there will soon be an upsurge in products. The meme space and token have been met with an upsurge after a 2022’s “meme cycle”. Despite the unpredictable and volatile nature of memecoins, they have shown capacity for continuous rebirth with unique qualities.
Hopefully, meme-investing will have value and the industry will replace ’emotion memes’ and be replaced with ‘product memes’, allowing for a more profound level of engagement with the value tokens can provide.
