Dogecoin (DOGE) Dominates Short-Term Trading Activity Among Meme Coins

A surge in short-term trading activity involving meme coins has been reported by IntoTheBlock, with Dogecoin (DOGE) emerging as the top choice among traders.

A surge in short-term trading activity involving meme coins has been reported by IntoTheBlock, with Dogecoin (DOGE) emerging as the top choice among traders.

According to the report, Dogecoin attracted approximately 110,000 active short-term traders over the past seven days, significantly outpacing other meme coins like Shiba Inu (SHIB), DEGEN, and Pepe (PEPE).

Dogecoin Dominates Short-Term Trading

The data highlights Dogecoin’s strong appeal to short-term traders, drawing more than 110,000 participants in just a week. This number far exceeds that of other meme coins, cementing Dogecoin’s position as the most actively traded meme cryptocurrency for short-term investors.

In contrast, Shiba Inu and DEGEN trailed far behind, each attracting around 23,000 active short-term traders. Despite their similar trading activity, DEGEN’s market capitalization remains significantly lower, representing only 10% of Shiba Inu’s total value. Pepe, another notable meme coin, saw approximately 19,000 active traders over the same period.

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

Smaller meme coins such as Coq Inu, Turbo, Mog Coin, and MAGA also showed some trading activity, with about 4,000 short-term traders engaging with these tokens. Although these numbers are much smaller, they indicate that traders are actively seeking opportunities in lesser-known meme coins.

Dogecoin’s Price Movement and Market Position

As of the time of writing, Dogecoin was trading at $0.108644, marking a 1.86% increase over the past 24 hours. The 24-hour trading volume for the coin reached $713,476,476, reflecting sustained interest in the token. Dogecoin holds the #8 spot in the CoinMarketCap ranking, with a live market capitalization of $15.9 billion.

Recent trading charts for Dogecoin show notable price fluctuations. The price dipped to a low of $0.103, followed by a recovery that pushed it past the $0.107 mark. This price movement suggests a period of market uncertainty, with fluctuations likely due to profit-taking by short-term traders.

However, the subsequent price recovery indicates renewed buying pressure, reflecting positive sentiment among investors. The green sections of the chart illustrate this upward trajectory, signaling potential bullish momentum.

Additionally, the MACD and RSI offer further technical indicators of the position of Dogecoin in the market. MACD shows signs of a weakening bearish trend, the blue MACD line is approaching orange signal line may indicate a bullish crossover.

The market is also neither overbought nor oversold as the RSI is at the neutral level of 50.

Victor MurikiEditor

Victor Muriki is an esteemed writer focused on cryptocurrency and finance, holding a Bachelor's in Actuarial Science. Known for his sharp analysis and insightful content, he has a strong command of English and is skilled at conducting in-depth research and ensuring timely delivery.

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