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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.