The cryptocurrency $DEGEN has experienced a meteoric rise, with its market cap soaring from $300 million to $1.1 billion in just a few hours. This explosive growth has been attributed to the launch of the $DEGEN L3, a layer for memecoins like Degen Pepe (DEPE), which has seen significant activity. Users have utilized $DEGEN as collateral for loans, with one instance seeing 55.6K $DEGEN used for a 135.6158 $USDC loan. The token's valuation has reached $1.5 billion, and it now boasts its own memecoin chain, yet it lacks futures listings on exchanges. The $DEGEN ecosystem's rapid expansion is further highlighted by a reported $20 million inflow in just two days, indicating strong buy pressure. Additionally, the token's performance has outpaced many, with a $100 investment in January worth $258,000 today, showcasing its unprecedented run and the high engagement from the community and investors.