A decentralized social media altcoin is nosediving just days after gaining support from the top US crypto exchange platform.

New data reveals that social media token DEGEN went from a weekly high of $0.011 to $0.008 since being adopted by Coinbase on October 15th, a 27% drop.

According to DEGEN’s website, the digital asset is a reward token for active participants of the decentralized social media platform Farcaster. Furthermore, it powers the Degen Chain, which is billed as a layer-3 built over Base, the blockchain of Coinbase.

“DEGEN is a reward token for Farcaster users, born from meme culture. It uses a unique tipping system that empowers the community to reward quality content creators.

It also powers the Degen chain, one of the pioneering layer-3s launched on Base, offering a platform for building and using Degen apps, often referred to as the ‘Las Vegas of blockchains.'”

DEGEN, which launched earlier this year in January, has a supply of about 37 billion tokens. According to the project’s website, it only plans on selling about 70% of the supply to investors.

“At launch, we created roughly 37 billion tokens, with 70% intended for the community! Another 15% has been allocated to form a liquidity pool, and the remaining 15% will support our team, investors, and the broader ecosystem. Additionally, there is a 1% inflation rate set to begin in 2028.”