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Originally created as a memecoin airdropped to Farcaster users, the token has evolved to offer grants to early-stage projects and has been integrated into third-party apps.<\/p>\n
Activity on Base, the Ethereum Layer 2 network developed by Coinbase, shows no signs of slowing down, with weekly transactions hitting an all-time high of nearly 10 million<\/a>.<\/p>\n As investors look to position themselves for \u2018Base season,\u2019 DEGEN, a token that was initially airdropped<\/a> to active users of the web3 social network Farcaster, is leading the charge with an astonishing 1,500% rally in the past 30 days to a market capitalization of $212 million.<\/p>\n <\/p>\n <\/a><\/p>\n The token now commands a fully diluted valuation north of $600 million and is increasingly being seen<\/a> as a proxy bet<\/a> on the Base ecosystem since the network doesn\u2019t have a native token like most competing Layer 2s. While airdrop farmers are speculating that this may change in the future, Coinbase has been tight-lipped about any potential token plans.<\/p>\n <\/p>\n While it started out as a way to incentivize engagement on Farcaster, the project has since evolved, raising $1.5 million<\/a> in funding last month and disbursing grants to incubate new projects.<\/p>\n