2024 has been a thrilling year in the world of cryptocurrency, with Bitcoin reaching unprecedented highs and major institutions jumping into the crypto craze. One exciting aspect is the surge of meme coins, with DEGEN emerging as a standout performer.

In the recent 24 hours, DEGEN on the Base chain skyrocketed by an impressive 24% to hit a record $0.06. A single entity, 1confirmation, holds a massive 1,848,296,798 DEGEN valued at nearly $100 million. This investor initially invested 435 ETH in February, which has now turned into a substantial amount due to the significant increase in DEGEN's value.

This surge demonstrates the rising adoption of DEGEN within the Base ecosystem, where it is being used for fundraising activities. DEGEN recently secured $1.5 million in grants, further establishing itself as a promising project in the crypto world.

DEGEN's success is part of the larger trend of meme coin popularity, with meme tokens collectively valued at $70.4 billion. The growth of DEGEN showcases the increasing prominence of meme coins in the current bullish market.

An analysis by Lookonchain revealed that a savvy trader turned an $18,000 investment into an impressive $5 million, marking a 27,677% increase. This trader purchased 260 million DEGEN tokens for 7.35 ETH in January, later selling a portion for $1.26 million and retaining the rest, now valued at $3.75 million.

Despite DEGEN's market cap of $328.57 million, its current trading price of $0.0258 points to a 2.69% increase in the last 24 hours. More DEGEN tokens will be released between August 12, 2024, and February 12, 2026.

Lookonchain also highlighted an early Ethereum investor who made significant profits by selling ETH at a profit. They sold 17,770 ETH for 62.24 million DAI at $3,503, resulting in a substantial return on their investment. Ethereum's current price of $3,511 represents a 1.50% decrease in the last 24 hours.