The cryptocurrency $DEGEN has experienced a significant surge, with its market cap increasing from 300 million to 1.1 billion in just a few hours, and its value reaching $1.5 billion. This explosive growth has been attributed to its adoption on the newly launched Degen L3 platform, where users have engaged in activities such as minting the memecoin $DEPE and securing loans with 55.6K $DEGEN as collateral for a 135.6158 $USDC loan. The platform's unique features, including strong meme culture and meta protocols, have contributed to $DEGEN's appeal. Additionally, the token's value has seen remarkable returns, with a $100 investment in January being worth $258,000 today. Despite this growth, $DEGEN has not yet been listed on futures exchanges, raising questions about the exchanges' strategies.