Degod, a freshly launched token on the Solana blockchain, experienced a remarkable increase of over 10% on its inaugural trading day, driven by a wave of FOMO (fear of missing out) among investors.
The Degod token (DEGOD) peaked at an intraday high of $0.0095 before settling down to $0.0075 at the time of reporting. This dip resulted in a market capitalization exceeding $76 million.
As per DEXTools, the trading volume within a 24-hour period reached $15.5 million, predominantly from Raydium, the leading exchange in the Solana (SOL) ecosystem, followed closely by Meteora and Orca.
The Degod token was introduced by the developers of the well-known Solana non-fungible token, in partnership with Sniper, a significant NFT marketplace.
According to data from CryptoSlam, sales of DeGods NFTs surged by more than 88% on Monday, coinciding with the heightened interest in the token. Sales climbed to over $1.12 million, while the number of transactions increased by 77%, reaching a total of 245. Cumulatively, DeGods NFT sales have amounted to $18.1 million, with 1,066 unique owners.
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The token distribution process for DEGOD has been taking place organically over the last three years, as stated on its website. Currently, there are 41,241 unique holders within the Degods, yOOts, and dust ecosystems.
These holders represent 85% of all tokens currently in circulation, with the remaining 15% designated for the foundation and launch partners. The maximum supply of circulating tokens is capped at 1 billion.
Historically, new cryptocurrency tokens often witness significant price surges shortly after their launch, followed by a decline as some investors liquidate their holdings. For example, the Wormhole (W) token soared to a peak of $1.8541 shortly after its release but has since plummeted by over 90%.
In a similar vein, Zksyn (ZK) reached $5 before dropping to $0.09. Notcoin (NOT), a popular tap-to-earn token, initially climbed to $0.029, only to fall by 75% to $0.0072.
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