Degen Chain, a Layer 3 network built for memecoin trading, has seen over 10.5 million transactions and 500,000 new wallets in the last several days. Its native token, DEGEN, has surged 13x in the last two weeks, and currently boasts a market cap of over $500 million.

Hayden Adams created HayCoin for testing five years ago (before Uniswap was launched) and only ever issued a tiny fraction as a liquidity pool. In the past few weeks it has been jumped upon and traded as a meme-coin, so to distance himself, Adams burned the 99.99% he still held.