Is It Too Late To Buy DEGEN? Degen Price Soars 19% As Farcaster Raises $150 Million And This GameFi Token Might Be The Next Crypto To Explode

The Degen price is up 19% in the past 24 hours to trade for $0.0234 as of 06:10 a.m. EST on trading volume that surged by 60%.

Besides the broader market’s current bullishness, the surge in the DEGEN price can be attributed to Farcaster’s $150 million Series A fundraising.

Farcaster is a decentralized protocol for building web3 social media apps and facilitates the creation of social apps where users enjoy control over their interactions and audience.

Degen Price Rallies On Farcaster’s $150 Million Series A Funding

Advertised as blockchain’s answer to traditional social media, the Farcaster community’s token is Degen (DEGEN). The platform revealed having raised $150 million in its latest Series A funding round.

Dan Romero, the founder of Farcaster and former Coinbase executive, said in a post on X on Tuesday that the funds will “support our work on Farcaster for many years.”

Excited to share the news about our recent fundraise! pic.twitter.com/KJxuPJrtqg

— Dan Romero (@dwr) May 21, 2024

Romero also indicated that the raise would aid Farcaster in growing its user base, highlighting that since October it had “350,000 paid sign-ups and a 50x increase in network activity.”

The fundraising was spearheaded by venture firm Paradigm, with Andreessen Horowitz, Haun, USV, Variant, and Standard Crypto also participating.

The news of the raise has sent the Degen price 19% north, on speculation that the growth in the user base would extend to demand for the DEGEN token.

Farcaster just raised $150M today backed by Paradigm and a16z, and $DEGEN is the best beta that currently exists

I wouldn't be surprised to see this chart go much higher over the next year pic.twitter.com/1rN2YFxSjM

— Glenn Rothwell | Alchemy (@glennonchain) May 22, 2024

Meanwhile, others hold that the news of Farcaster’s financing has opened a new window for the Base ecosystem. Arguably, AERO, DEGEN, and FRIEND tokens are the position combination of the current large investors betting on the BASE ecology.

Degen Price Prediction

The Degen price has broken above a descending parallel channel on the one-day timeframe amid an ongoing uptrend. However, it remains below resistance due to the trendline of the Fibonacci retracement indicator. This means that while the outlook is bullish, the DEGEN token is not yet out of the woods.

If bullish momentum increases, the Fibonacci retracement indicator shows that key levels to watch would be the $0.0255, $0.0340, and $0.0399. These are earmarked by the 78.6%, 61.8%, and the 50% Fibonacci retracement levels.

A move above each of the aforementioned levels is expected to draw in more bulls based on their risk levels. However, only a stable candlestick close above the 50% Fibonacci level of $0.0399 would vindicate the Degen price from the thicket. Beyond this level, DEGEN could make a steady run to reclaim its peak price of $0.0650. This level was last tested on March 31.

Buyer momentum continues to rise, as shown by the Relative Strength Index (RSI). The position of the Moving Average Convergence Divergence (MACD) above its signal line also reinforces the bullish outlook.

GeckoTerminal: DEGEN/USD 1-day chart

On the other hand, a rejection from the 78.6% Fibonacci retracement level of $0.0255 instigated by early profit booking could see the Degen price pull back. A slip below the $0.0148 level would invalidate the bullish thesis.

While the Degen price exploded in the last 24 hours, other opportunities exist for those with a high-risk appetite, and one of them is the DICE presale.

99Bitcoins, a crypto YouTube channel with more than 700k subscribers, says the project has the potential to 100x on launch.

Promising Alternative To Degen

DICE powers the Mega Dice ecosystem, a crypto casino that launched last year. Now it is launching its own token on Solana, with plans to challenge sector titan Rollbit Coin.

The casino has a massive user base of 50k registered users, and over 10k monthly active users wagering $50 million each month. This points to a vast community waiting to pick up the token once it goes live. Recent reports indicate that the Telegram community has reached 10,000 members.

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Early presale participants also stand a chance to receive bonus $DICE tokens, incentivizing engagement with Mega Dice’s diverse offerings.

Mega Dice has also outlined plans to integrate the token into the casino’s loyalty program. This offers rewards that are more generous to gamers who use DICE tokens in their play. It will also unlock access to exclusive competitions and VIP experiences.

Additionally, the casino has a buyback and burn program that will reduce the supply. This will increase scarcity and potentially pump the value of the DICE token.

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We're implementing multiple tiered price increases, so make sure to secure your $DICE… pic.twitter.com/MDfn5lVhju

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The presale continues to gather momentum with the official website showing upwards of $1.2 million already in the bag.

Right now, each DICE token costs $0.075. Investors can connect their wallets and buy DICE with SOL, ETH, or BNB.

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Also Read:

• Michael Wrubel’s Insights on Mega Dice Crypto Presale – Why He is Bullish on the GameFi Token?
• Mega Dice Presale Has Already Attracted Half a Million – Top GameFi Crypto on Solana?
• Solana’s Hottest New GambleFi Presale Mega Dice Has Already Blasted Past $500,000 In First Week
• What is a Crypto Presale? A Quick Guide to Getting in on the Ground Floor of New Cryptocurrencies!

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