DEGEN crypto at $0.007 assistance – Is THIS not enough to stop a drop?

• DEGEN crypto topped the week as a leading gainer, skyrocketing 127% after the Coinbase listing. 
• However, a secret resistance element moistened the buzz.

Degen [DEGEN] has seen substantial changes following its listing on Coinbase, which atfirst stimulated a purchasing craze, resulting in a impressive 127% rise soon after. 

However, the enjoyment appears to have tapered off, with DEGEN priced at $0.007389 at press time, showing a 7% drop in the last 24 hours.

This decrease raises questions about whether the preliminary buzz hasactually faded, or if there is capacity for revival.

DEGEN crypto dealswith retracement

DEGEN, a memecoin on Coinbase’s L2 network Base, rose in cost and volume after being added to the exchange’s listing roadmap.

The token leapt 127% from $0.004 to $0.009, with trading volume increasing from $8.5M to $89M.

However, this rally was temporary, leaving lotsof stakeholders in a internet loss position. Approximately 23K addresses now hold about $3.7B in DEGEN at a loss, with FOMO keeping them engaged as they hope for a cost turnaround.

Meanwhile, if bulls stopworking to keep support at $0.007, roughly $2B in DEGEN might be at danger of liquidation, as financiers might rush to break even versus their acquisition rate of $0.006.

Typically, memecoins like DEGEN increase on chain activity, benefiting Coinbase through deal costs. 

Simply put, as users trade DEGEN, the volume produces income for Coinbase, making the addition of such tokens on their platform tactically beneficial. 

However, inspiteof the preliminary spike, bulls stoppedworking to flip the $0.009 resistance into assistance inthemiddleof continuous volatility.

If they had prospered, a rise past $0.009 might haveactually brought DEGEN back to mid-June levels, which it hasn’t retested consideringthat.

Can it accomplish that this time?

If these conditions lineup

Interestingly, for a memecoin, preserving neighborhood buzz typically hinges on regular developmental activities, offering financiers with something to preparefor.

For DEGEN, a noteworthy rise in advancement has corresponded with a rate spike, reaching as high as $0.03 in April, while trading volume skyrocketed to $130 million.

This significant the last considerable activity before a remarkable decrease over the months, upuntil the current listing restored the lost buzz.

In addition to regular advancements, tracking big holders – particularly whales who make up 63% of the big holder associate – stays essential, as they control 28.08B DEGEN tokens.

Interestingly, the listing didn’t discourage big holders from taking the chance; throughout September, they transferred millions of DEGEN into exchanges, avoiding a rate turnaround. 

However, on the day of the listing alone, they carriedout a sensational withdrawal of 388 million tokens.

Yet, their assistance was temporary, as they consequently offered 15M of their holdings into the exchanges, triggering a remarkable plunge.

Is your portfolio green? Check out the DEGEN Profit Calculator

If this pattern holds, a pullback from the existing $0.007 assistance might lead to considerable liquidations, with $2 billion worth of DEGEN crypto at danger. 

Therefore, moving control from big to long-lasting holders is important. Otherwise, cen