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On-chain data aggregator IntoTheBlock has published a post about the recent increase in short-term trading activity that involved meme coins. It revealed that Dogecoin has been the most frequent choice of short-term traders recently, while other popular meme coins got much less of their attention.
DOGE leaves SHIB, PEPE, DEGEN far behind
The report published by the above-mentioned on-chain data source reveals that Dogecoin is the top meme coin that short-term cryptocurrency traders have picked recently, as it has attracted the largest number of them over the past seven days – 110,000.
Other leading meme cryptocurrencies – Shiba Inu, DEGEN and Pepe – are lagging far behind. SHIB and DEGEN both stand out with approximately 23,000 active short-term traders, though DEGEN takes up only 10% of Shiba Inu’s market capitalization value. PEPE shows 19,000 active traders over the past week. Other, smaller meme coins – Coq Inu, Turbo, Mog Coin and MAGA – are showing 4,000 short-term traders busy making profits with them.
Short-term trader activity plays a significant role in memecoins, as these tokens are primarily driven by hype.$DOGE unsurprisingly leads the pack with the highest number of short-term traders.$DEGEN stands out with around 23,000 active short-term traders—matching Shiba… pic.twitter.com/PAtX1G2OrX
— IntoTheBlock (@intotheblock) October 11, 2024
Dogecoin eyes 200% increase
According to a recent tweet published by crypto analyst and trader Ali Martinez, the original meme cryptocurrency with the largest market cap among this type of asset, DOGE, might be in for a repeat of its bullish history.
Martinez said that, currently, Dogecoin is coming out of a multi-year descending triangle, sharing a chart that shows that since 2015, DOGE broke has out of it with a bull run. Before that happens, he commented, Dogecoin first soars by 200%, then stages a 60% retracement. Only after that does a bull run take place.
While this is happening and Dogecoin is eyeing a 200% surge before a retracement and a possible bull run to follow, the aforementioned IntoTheBlock tweeted that a short while ago, large Dogecoin whales had accumulated an impressive 2.07 billion DOGE within just one week. That was the biggest purchase since January of this year.
As of this writing, Dogecoin has witnessed a 4.2% increase over the last 24 hours. It is now changing hands at $0.10820 after rising from $0.10387. Overall, DOGE is still down 7% from Monday, Oct. 7, when it sat at the $0.11509 level.
Its rival, SHIB, also recovered 4.45% in the last 24 hours after a 13.17% decline since Oct. 7, now trading at $0.00001697.