Degen (DEGEN) Price Rallies 22% Post Farcaster’s $150M Raise, Is a Breakout Looming?

• DEGEN rallies 22% in 24 hours, reaching a 7-day high of $0.02382.
• Open interest in DEGEN futures jumps 15%, signaling robust market engagement.
• Farcaster’s $150M raise boosts DEGEN, driving market cap and volume up by 22% and 80%.

Degen’s (DEGEN) price has surged in the past 24 hours after establishing support at the intra-day low of $0.01922. This surge has propelled the DEGEN price to a 7-day high of $0.02382, marking a 22% increase in the last 24 hours and 48% in the last week. Concurrently, DEGEN’s market capitalization and 24-hour trading volume surged by 22% and 80% respectively, reaching $337.77M and $67.42M.

DEGEN/USD 24-hour price chart (source: CoinMarketCap)

Farcaster’s Funding Success and Its Impact on DEGEN

The notable spike in DEGEN’s valuation coincides with the announcement that Farcaster, a blockchain-based social media platform, has successfully raised $150 million in a Series A funding round. 

The round, led by Paradigm and supported by other major firms like Andreessen Horowitz, Haun, USV, Variant, and Standard Crypto, has not only elevated the platform’s financial footing but also significantly boosted the token’s market visi…

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