The cryptocurrency market has witnessed a sudden surge in volatility for the meme coin $DEGEN over the past 24 hours, with prices fluctuating by 44.9%. This intense volatility is attributed to adjustments within the meme coin sector, resulting in a correction that affected multiple tokens simultaneously.
According to on-chain data, the total supply of $DEGEN decreased by approximately 7 million within a day, while circulating supply shrank by around 227 million, and treasury increased by 220 million. This reduction in supply provided some short-term price elasticity but failed to prevent profit-taking pressure.
The market activity was primarily driven by retail and small-to-medium investors, with no abnormal large whale inflows or outflows from single addresses. As a result, high trading volume accompanied significant volatility, making it challenging for traders to navigate the market.