DOGE Leads Short-Term Trader Activity in Memecoin Ecosystem
The excitement around memecoins continues to grow, with short-term traders flocking to popular tokens like Dogecoin (DOGE). A recent report from on-chain data aggregator IntoTheBlock has revealed that DOGE is outpacing other memecoins in terms of trading activity, including Shiba Inu (SHIB) and Pepecoin (PEPE).
DOGE Outpaces SHIB and PEPE in Trading Activity
According to IntoTheBlock, Dogecoin has had the highest number of active short-term traders in the last seven days. With an impressive 110,000 active traders, DOGE has solidified its position as the leader in the memecoin ecosystem. Other top memecoins like SHIB and DEGEN lag behind, with 23,000 active traders each. Despite DEGEN having only 10% of Shiba Inu's market capitalization, its short-term trader activity matches that of SHIB.
PEPE, on the other hand, has seen 19,000 active traders over the past week. Smaller memecoins such as Coq Inu (COQ), Turbo (TURBO), Mog Coin (MOG), and MAGA (TRUMP) have also attracted short-term traders, albeit in smaller numbers.
Short-term traders play a crucial role in the memecoin ecosystem, as these tokens are largely driven by hype. Investors often look to short-term trading activity as an indicator of a coin's potential, influencing their decision to buy or sell a memecoin.
The surge in Dogecoin's short-term traders coincides with bullish forecasts for the meme coin. Crypto analyst Ali Martinez predicts that DOGE is poised to repeat its bullish history, citing a breakout from a multi-year descending triangle and a potential bull run in the near future.
Increase in Dogecoin Whale Activity
As Dogecoin prepares for a potential bull run, the memecoin has seen increased whale activity. IntoTheBlock reported that large investors accumulated 2.07 billion DOGE in just one week, the highest purchase volume since January of this year.
Currently, Dogecoin has increased by 3.5% in the past day to $0.109, with a 24-hour trading volume of $690 million. Despite this uptick, DOGE is still down 7% from its recent peak of $0.11509.
Meanwhile, Dogecoin's rival SHIB has also seen a recovery, with a 4.8% increase in the last 24 hours to $0.00001753. PEPE, the 25th-largest cryptocurrency, followed suit with a 5.2% increase over the same period.
As memecoins gain prominence, CryptoQuant CEO Ki Young Ju suggests that these digital assets could find legitimacy by aligning with charitable causes. By encouraging donations to charitable organizations, memecoins may appeal to a broader audience and gain broader acceptance in the market.
