Key takeaways
- Ether dipped to the $2,600 region following Bybit’s hack on Friday but now trades above $2,700 per coin.
- iDEGEN has raised nearly $25 million as presale ends in two days.
ETH could rally higher after dipping on Bybit hack
Ether, the second-largest cryptocurrency by market cap, has been volatile over the past few days. It was trading around $2,850 on Friday before crashing to $2,620 later that day after the crypto exchange Bybit was hacked.
The hack saw nearly $1.5 billion worth of ETH and stETH wiped from Bybit’s cold storage wallet. However, ETH’s price has slightly recovered since then and could rally higher in the near term. At press time, the price of Ether stands at $2,727, down nearly 2% in the last 24 hours.
What is iDEGEN?
Bybit’s hack is the biggest in the cryptocurrency market’s history so far, but how the company handled the situation inspired confidence in investors. As investors acknowledge the maturity level of the crypto market, more funds continue to flow into new and exciting projects.
iDEGEN is one of the projects that has raised millions of dollars from investors. It is a leading memecoin and AI project that would offer massive utility to its users by launching several products and services. iDEGEN has already raised nearly $25 million and will use the funds to develop its products.
In its whitepaper, the project developers revealed that iDEGEN is a meme project that leverages the benefits of AI to create the next billion-dollar memecoin. It is an AI tool that primarily functions as such.
The tool continuously evolves and adapts by leveraging community feeds on X. While iDEGEN is powered by AI, degens ultimately raise the tool. The native token, $IDGN, will power all the various activities within the ecosystem.
The team explained that $IDGN’s launch as a memecoin stems from the recent growth of the meme narrative in the crypto space. The AI and memecoin narratives were the best performers in 2024, delivering thousands of percentages in ROI to investors.
The iDEGEN token will launch on exchanges in three days, signalling the end of the presale and ushering in the project’s utility phase. With the iDEGEN tool, users can feed their data through tweets, tags, and comments.
The tool absorbs the post…