Category: News, NFT News

Farcaster Frenzy Sparks Base Memecoin Mania

DEGEN briefly surged above 0M in market capitalization.

Surging activity on Farcaster, a ‘sufficiently decentralized’ social media protocol, has spawned a new wave of memecoins on Base, the Ethereum Layer 2 network built by Coinbase.

DEGEN, a token launched in early January with an airdrop for active Farcaster users, is down 20% today after rallying more than 1000% in the past week.

DEGEN Price

A second airdrop is underway with a campaign to incentivize engagement on the platform. Users get a daily ‘tip allowance’ to reward their posts of choice, with the recipients being able to claim tokens.