Memecoin Built on Ethereum Layer-2 Scaler Surges by Nearly 128% After Being Added to Coinbase’s Listing Roadmap

A memecoin built on the Ethereum (ETH) layer-2 scaling solution Base is up nearly 128% in the past 24 hours after being added to Coinbase’s listing roadmap.

Degen (DEGEN) is trading at $0.009 at time of writing, up from around $0.004 one day ago.

The memecoin, which launched on Base in January, serves as a reward token for Farcaster, a blockchain protocol for building social networks. The project aims to give users of Farcaster’s ecosystem the ability to reward those “posting quality content” and bridge “the gap between online contributions and real-world value.”

Coinbase also added the Solana (SOL)-based altcoin io.net (IO) to its listing roadmap, which puts tokens on the potential path towards trading on the top US crypto exchange.

Io.net is a decentralized AI computing network that aims to allow machine learning engineers to access distributed cloud clusters at a lower cost. The intent is to address the challenges of traditional cloud service providers that have inadequate capacity, creating problems such as high costs and longer wait times to access hardware with cloud services.

Unlike DEGEN, IO didn’t witness any gains: the 299th-ranked crypto asset by market cap is down 0.6% in the past 24 hours and more than 17% in the past week. The token is trading at $1.75 at time of writing.

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Generated Image: Midjourney