Crypto exchange Binance has announced that it will list Degen (DEGEN), the meme coin developed on Coinbase layer-2 network Base, today. Following the disclosure, DEGEN’s price soared by 50%, currently trading at $0.29.
When launched, the DEGEN Binance listing will be the first Base meme coin on Binance. Here is what could happen to the cryptocurrency in the short term.
Binance to List Degen on Its Futures Market
According to Binance, DEGEN will become available for trading at 11.30 UTC today. The exchange also noted that its users will be able to trade the token with up to 75x leverage. Interestingly, the Degen Binance listing is one of the series of meme coins that it has listed recently.
As DEGEN’s price soared, so did its trading volume. According to Santiment, the meme coin’s value climbed by 131% within 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 participants in the Farcaster Degen channel, continues to rise, then the price might continue to jump.
Besides this, data from IntoTheBlock shows an increase in the project’s Coin Holding Time. The Coin Holding Time indicator tracks the duration for which a coin has been held without being transacted or sold, providing insights into investor behavior.
When it decreases, it means that holders are selling, and the price can decrease.
However, since the metric dropped, it implies that the DEGEN meme coin holders 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 the Base chain meme coin shows that the Awesome Oscillator (AO) reading has increased. The AO is a momentum indicator that compares recent market movements to historical ones. It uses a central zero line, with price movements plotted above or below it based on the comparison of 5 and 43-period moving averages.
When the reading is negative, momentum is bearish. On the other hand, a reading above the zero line, as it is now, indicates that momentum around DEGEN is bullish. If this remains the same, the token’s price might rise to $0.37.
However, if volume drops and momentum becomes bearish, this might not happen. Instead, DEGEN could decline to $0.18.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
