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On-chain data aggregator IntoTheBlock published a post regarding the recent increase in short-term trading activity involving meme coins. Recently, it has become clear that Dogecoin is the most frequently chosen by short-term traders, while other popular meme coins receive less attention.
DOGE leads SHIB, PEPE, DEGEN by a wide margin
According to a report published by the aforementioned on-chain data source, Dogecoin is the top meme coin recently chosen by short-term crypto traders, attracting the most crypto traders (110,000) in the past seven days. It has become clear.
Other major meme cryptocurrencies, Shiba Inu, DEGEN, and Pepe, are far behind. Both SHIB and DEGEN stand out with around 23,000 active short-term traders, but DEGEN only accounts for 10% of Shiba Inu’s market capitalization. PEPE shows 19,000 active traders over the past week. Other smaller meme coins – Coq Inu, Turbo, Mog Coin, MAGA – see 4,000 short-term traders busy making profits with these coins.
The activity of short-term traders plays an important role in meme coins, as meme coins are primarily driven by hype.$Doge Unsurprisingly, it leads the pack with the highest number of short-term traders.$DEGEN With approximately 23,000 active short-term traders, Shiba is a standout. pic.twitter.com/PAtX1G2OrX
— Into the Block (@intotheblock) October 11, 2024
Dogecoin eyes increased by 200%
DOGE, the original meme cryptocurrency with the largest market capitalization of any asset of its kind, is at risk of repeating its bullish history, according to a recent tweet published by crypto analyst and trader Ali Martinez. It is said that there is.
Martinez said that Dogecoin is currently emerging from a multi-year descending triangle and shared a chart showing Dogecoin’s bull market breakout since 2015. He commented that before that happens, Dogecoin will initially spike 200% and then do a 60% retracement. After that, the running of the bulls takes place for the first time.
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While this is happening and Dogecoin is eyeing a 200% surge ahead of a retracement and ensuing bull run, the aforementioned IntoTheBlock reported some time ago that Dogecoin’s big whale was worth 2.07 billion DOGE in just one week. He tweeted that he had accumulated an astonishing amount of money. This was my biggest purchase since January of this year.
As of this writing, Dogecoin is up 4.2% in the past 24 hours. After rising from $0.10387, it is currently trading at $0.10820. Overall, DOGE is still down 7% from Monday, October 7th, when it was at the $0.11509 level.
Rival SHIB has also recovered 4.45% in the past 24 hours after falling 13.17% since October 7 and is currently trading at $0.00001697.
