The community-created token Degen (DEGEN) surged by 17% in 24 hours following Farcaster’s announcement of securing $150 million in its latest Series A funding round – led by Paradigm with contributions from Andreessen Horowitz, Haun, USV, Variant, and Standard Crypto.
DEGEN, a token created by the Farcaster community and not officially part of the protocol, surged by 17% within 24 hours of the announcement and is now trading at $0.0225, according to CoinMarketCap.
DEGEN’s 24-hour trading volume surged a dazing 77%, currently standing at $64.09 million with the market capitalization standing at $314.51 million.
In an X (formerly Twitter) post on May 21, Dan Romero, the founder of Farcaster, confirmed that the funds would support Farcaster’s development for many years to come.
Romero mentioned that the raised funds would help attract more users to the protocol. He noted that since October, Farcaster had seen “350,000 paid sign-ups and a 50x increase in network activity.”
Also Read: Degen Chain 2-Day Halt Ends with Scheduled Resynchronization
