The problem of finding the degeneracy of a graph is a subproblem of the k-core decomposition problem. In this paper, we present a (1 + epsilon)-approximate solution to the degeneracy problem which runs in O(n log n) time, sublinear in the input size for dense graphs, by sampling a small number of neighbors adjacent to high degree nodes. This improves upon the previous work on sublinear approximate degeneracy, which implies a (4 + epsilon)-approximate ~O(n) solution. Our algorithm can be extended to an approximate O(n log n) time solution to the k-core decomposition problem. We also explore the use of our approximate algorithm as a technique for speeding up exact degeneracy computation. We prove theoretical guarantees of our algorithm and provide optimizations, which improve the running time of our algorithm in practice. Experiments on massive real-world web graphs show that our algorithm performs significantly faster than previous methods for computing degeneracy.