An simple guide to Decoding Traces Data
In this guide, we'll explore how to use traces to analyze transaction behavior, and gain a deeper understanding of smart contract execution.
Going Beyond Vanity Metrics
When it comes to measuring real crypto user adoption, vanity metrics- like active addresses and transaction counts, don’t tell the whole story. We have to go beyond quantity to measure quality and user behaviour.
A Primer on Smart Accounts
From EOAs to Programmable Smart Accounts: What They Are, How They Work, and Why It Matters
Leverage onchain data to discover what people are doing in crypto, why and how to maximize the trend.
An simple guide to Decoding Traces Data
In this guide, we'll explore how to use traces to analyze transaction behavior, and gain a deeper understanding of smart contract execution.
Going Beyond Vanity Metrics
When it comes to measuring real crypto user adoption, vanity metrics- like active addresses and transaction counts, don’t tell the whole story. We have to go beyond quantity to measure quality and user behaviour.
A Primer on Smart Accounts
From EOAs to Programmable Smart Accounts: What They Are, How They Work, and Why It Matters
Leverage onchain data to discover what people are doing in crypto, why and how to maximize the trend.
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Memecoins have emerged as a leading metagame in the crypto market so far in 2024, with their total market cap reaching $72.3 million, according to CoinGecko data.
This trend is particularly strong on the Solana network, where memecoins like WIF, SLERF, and BOME have experienced impressive growth.
Capitalizing on the memecoin trend, more retail investors are turning to the Base ecosystem, with DEGEN emerging as a favorite.
Launched on the Base network in January 2024, DEGEN began as a reward token for Casters (Farcaster users) to tip creators for valuable content. However, DEGEN is working to transcend its memecoin origins.
It currently boasts over 105,273 holders and a recent all-time high of $0.05, reflecting a remarkable 2600% increase in value over the past month. Fueled by the Base network's growth, DEGEN is poised to become the governance token for its own Layer3 ecosystem.
I crunched some blockchain data on Dune to get the insights for this section.
You can view the full dashboard here, and share your feedback.
Trading Volume surges over $580m
The total trading volume for DEGEN currently sits at $580.8 million, as of March 31, 2024.
Trading activity began in January with an average daily volume of $5 million. However, a surge started on March 14th due to the success of the Ethereum Duncan upgrade. This resulted in daily volume reaching $10.5 million and maintaining an uptrend, peaking at $142 million on March 31st.
Notably, the average buy-sell ratio of 50% suggests an active market with day traders capitalizing on short-term price fluctuations.
1.37m Transactions and still counting
Further evidence of DEGEN's growing popularity is evident in the analysis of transaction counts. Over 1.37 million transactions have been executed by a substantial community of 105,273 DEGEN holders.
Interestingly, on March 14th, when transaction counts were at 32,000, the average price was $0.0048. However, as daily transactions skyrocketed to a record-breaking 263,519 on March 31, the price climbed above $0.05.
This observed correlation suggests a causal relationship between increased trading activity and rising value of DEGEN.
First-time DEGEN Traders are growing
Currently, there are 105,273 DEGEN holders, with first-time holders growing significantly to reach a cumulative high of 49,800 by March 31st.
However, recurring traders contribute up to 80% of the daily transactions and volume, indicating a strong conviction in DEGEN's potential.
Top DEGEN holders sitting on Profit smiling
The top wallet holds approximately 15.04 billion DEGEN (worth $809.3 million) and sits on an unrealized profit of $30.2 million.
Interestingly, the fifth-largest holder, with 1 billion DEGEN, is sitting on the highest profit of $38.6 million.
DEGEN's growing popularity is fueled by its expanding utility and adoption within the Farcaster ecosystem and the Base network effect.
This momentum coincides with growing support for memecoins with real-world value, as evidenced by influential figures like Vitalik Buterin.
My thesis is that as the social value of memecoins and Farcaster's user base continue to rise, DEGEN is well-positioned to benefit from a network effect within the Base ecosystem. This could ultimately solidify its place as a prominent player in the memecoin meta-game.
Thanks for reading Onchain Curiosity! Subscribe for free to receive new posts and support my work.
Memecoins have emerged as a leading metagame in the crypto market so far in 2024, with their total market cap reaching $72.3 million, according to CoinGecko data.
This trend is particularly strong on the Solana network, where memecoins like WIF, SLERF, and BOME have experienced impressive growth.
Capitalizing on the memecoin trend, more retail investors are turning to the Base ecosystem, with DEGEN emerging as a favorite.
Launched on the Base network in January 2024, DEGEN began as a reward token for Casters (Farcaster users) to tip creators for valuable content. However, DEGEN is working to transcend its memecoin origins.
It currently boasts over 105,273 holders and a recent all-time high of $0.05, reflecting a remarkable 2600% increase in value over the past month. Fueled by the Base network's growth, DEGEN is poised to become the governance token for its own Layer3 ecosystem.
I crunched some blockchain data on Dune to get the insights for this section.
You can view the full dashboard here, and share your feedback.
Trading Volume surges over $580m
The total trading volume for DEGEN currently sits at $580.8 million, as of March 31, 2024.
Trading activity began in January with an average daily volume of $5 million. However, a surge started on March 14th due to the success of the Ethereum Duncan upgrade. This resulted in daily volume reaching $10.5 million and maintaining an uptrend, peaking at $142 million on March 31st.
Notably, the average buy-sell ratio of 50% suggests an active market with day traders capitalizing on short-term price fluctuations.
1.37m Transactions and still counting
Further evidence of DEGEN's growing popularity is evident in the analysis of transaction counts. Over 1.37 million transactions have been executed by a substantial community of 105,273 DEGEN holders.
Interestingly, on March 14th, when transaction counts were at 32,000, the average price was $0.0048. However, as daily transactions skyrocketed to a record-breaking 263,519 on March 31, the price climbed above $0.05.
This observed correlation suggests a causal relationship between increased trading activity and rising value of DEGEN.
First-time DEGEN Traders are growing
Currently, there are 105,273 DEGEN holders, with first-time holders growing significantly to reach a cumulative high of 49,800 by March 31st.
However, recurring traders contribute up to 80% of the daily transactions and volume, indicating a strong conviction in DEGEN's potential.
Top DEGEN holders sitting on Profit smiling
The top wallet holds approximately 15.04 billion DEGEN (worth $809.3 million) and sits on an unrealized profit of $30.2 million.
Interestingly, the fifth-largest holder, with 1 billion DEGEN, is sitting on the highest profit of $38.6 million.
DEGEN's growing popularity is fueled by its expanding utility and adoption within the Farcaster ecosystem and the Base network effect.
This momentum coincides with growing support for memecoins with real-world value, as evidenced by influential figures like Vitalik Buterin.
My thesis is that as the social value of memecoins and Farcaster's user base continue to rise, DEGEN is well-positioned to benefit from a network effect within the Base ecosystem. This could ultimately solidify its place as a prominent player in the memecoin meta-game.
Thanks for reading Onchain Curiosity! Subscribe for free to receive new posts and support my work.
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