DEGEN surges 160% after Coinbase adds token to listing roadmap

• Degen rose by more than 160% in 24 hours after Coinbase announced trading support for the Base token.
• io.net token will also list on Coinbase, but its price fell amid a crypto downturn on geopolitical events.

Degen (DEGEN) rose sharply after US-based cryptocurrency exchange Coinbase announced it had added DEGEN to its listing roadmap.

Per market data on CoinGecko, DEGEN skyrocketed from lows of $0.004 to near $0.012 after the news. In terms of 24-hour gains, the meme coin’s price spiked more than 160%, pushing the Degen token’s value to levels last seen in June this year.

DEGEN to list on Coinbase

Degen, a community token and blockchain for the decentralised social platform Farcaster, will be added to Coinbase for spot trading.

GM Degens! Huge news—$DEGEN is getting listed on Coinbase Spot trading, becoming the 4th @base token. This journey’s been wild, and we’ve got plenty ahead. Big thanks to the Degen and Base fam for sticking with us. Let’s keep building! https://t.co/m9j1FcTYMs

— Degen 🎩 (@degentokenbase) October 1, 2024

Coinbase unveiled its listing roadmap in July 2022, noting the move to be a way of ensuring transparency. The exchange also uses this to prevent front-running, with only assets Coinbase has decided to list now added to the roadmap.

Degen launched as a reward token for the community on Farcaster.

While its adoption as a meme coin helped create a strong user base, the project has increasingly attracted fresh interest amid rising developer activity and content creation.

The DEGEN token currently trades on platforms such as OKX, Bybit, KuCoin and Gate.io among others. Its price has increased by more than 330% over the past 30 days. However, it remains significantly off its all-time high above $0.064 reached in March 2024.

Coinbase to also list io.net

io.net (IO) is the other token that Coinbase has announced trading support for with its addition to the roadmap. However, while DEGEN rose sharply, IO traded lower alongside other cryptocurrencies amid the geopolitical uncertainty in the Middle East.

The io.net is a decentralised AI computing platform built on Solana.

While the IO price is down 14% in the past 24 hours, it’s largely bullish after rallying over the past month. Currently, its price is over 25% higher in the past 30 days, with most of the gains coming in late September after io.net announced a partnership with Phala Network.

IO price hovered around $1.78.