According to reports, since its launch last week, Layer-3 chain Degen Chain has attracted a lot of attention and trading volume, and its native token DEGEN has surged by 500%. Data shows that in the past 24 hours alone, Degen Chain's trading volume has reached nearly $100 million, with more than 272,000 independent transactions executed. On-chain analysts say that since last Thursday, more than 7,500 contracts and 2,300 tokens have been circulating on the network, although most of them are Rug Pull projects or scams.