Recently, a MEME ecosystem called Degen has quickly gained popularity on the Base chain.

Degen was originally a token in a channel of the decentralized social app @warpcast_, used for content tipping. Since its launch in January this year, the token has developed rapidly, with both the number of holders and the trading volume growing rapidly, making it a popular meme coin in the Base ecosystem.

Recently, the Syndicate team has launched Degen Chain, a Layer 3 system based on Base, using Degen as the native token, leveraging the technology of Arbitrum Orbit and AnyTrust.

Interestingly, when Degen token was first launched on January 15, its price was $0.000033, but as of the time of writing, its price has reached $0.046, an increase of nearly 1400 times in just three months.

Quite a thousandfold coin.

Seeing the short development history of Degen, I am reminded of Dogecoin, Shitcoin, and Pepe (PEPE).

Dogecoin was initially launched for content tipping. At that time, the creators of Dogecoin believed that the price of Bitcoin was too high (of course, still very cheap compared to today), so they introduced the much cheaper Dogecoin.

However, Dogecoin did not develop into a widely used tipping coin as the creators envisioned, but was "taken over" by Musk and gradually evolved into a meme coin.

But up to now, Dogecoin has received relatively weak support from the community, and it only generates hype when Musk brings attention to it. This makes its future development highly uncertain.

The development of Shitcoin is completely different from Dogecoin. It started as a "joke" or "social experiment," but its team was not satisfied with it being just a meme coin, so they developed it into a native token for a second-layer extension system based on Ethereum.

However, after the launch of this second-layer system, its ecosystem seems to have made little progress. We do not see any highly popular applications.

Unlike Dogecoin and Shitcoin, Pepe had a strong start with very high-quality memes, but unfortunately, the team's actions have been very disappointing. Now it can only attract attention through price manipulation. However, this kind of manipulation is unlikely to sustain the long-term development of a meme.

The trend of Pepe reinforces a point I have always insisted on:

A project that starts too well often disappoints in the long run;

Conversely, a project that starts off quietly, as long as it focuses on development, will explode instantly when it encounters a trigger point, leveraging the strength it has accumulated in the early stages, and will quickly surpass its competitors. Such a project will be more sustainable and have more staying power.

After Degen went live in January, it was mainly circulated within a small circle, and it only began to gain widespread attention around March, driven by the community and applications. This trend is much healthier than Pepe's.

In addition, it combines the characteristics of Dogecoin and Shitcoin: starting with tipping like Dogecoin, and ultimately embarking on the path of ecosystem development like Shitcoin, with its own proprietary chain.

Unlike Dogecoin, its trend does not depend on the emotions of a particular person; and unlike Shitcoin, it has a better ecosystem foundation—backed by the rising popularity of Farcaster.

Overall, Degen is the most well-rounded among these meme coins. However, there is a question: how is the team behind Degen Chain? Will they continue to drive its development?

If Degen continues to develop along its current path, leveraging the current ecosystem momentum of Farcaster and Base, it is very likely to develop into a distinctive Layer 3 system.

As for its price, it is no longer considered low. As of the time of writing, its fully diluted market value has exceeded $1.7 billion, and it can already be ranked around 70th by market value.

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