Dogecoin (DOGE) Emerges as the Top Choice for Short-Term Traders Among Memecoins

Dogecoin (DOGE) emerged as the top choice for short-term traders, among other memecoins, this past week.

Dogecoin (DOGE) quickly became the top choice for short-term traders among memecoins this past week.

According to data from on-chain aggregator IntoTheBlock, Dogecoin showed significant trading activity over the past week, with over 110,000 short-term traders. This activity surpasses that of Shiba Inu (SHIB), PEPE, and other meme coins like DEGEN, which drew far fewer active traders during 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

— IntoTheBlock (@intotheblock) October 11, 2024Other Memecoins with Notable Short-Term Trading Activity

In comparison, SHIB and DEGEN recorded around 23,000 active short-term traders each. Trading activity on DEGEN is particularly notable given that it only has 10% of Shiba Inu’s market cap.

PEPE, another popular meme coin, attracted about 19,000 active traders. Other smaller memecoins, including Mog Coin, Turbo, Coq Inu, and MAGA, had around 4,000 traders during this timeframe.

Whales’ noticeable interest in DOGE could also be responsible for its growing dominance. IntoTheBlock data revealed that Dogecoin whales accumulated 2.07 billion DOGE within the past week, their largest purchase since January of this year.

Large Dogecoin holders accumulated 2.07 Billion $DOGE last week, the highest since January of this year! pic.twitter.com/AOpdGHzGTe

— IntoTheBlock (@intotheblock) October 7, 2024This whale activity indicates strong market interest, especially as Dogecoin prepares for a potential price surge. One critical factor to monitor is the Relative Strength Index (RSI), which measures price movement and velocity.

Per CryptoQuant data, Dogecoin’s RSI stands at a neutral 38, signaling that the coin is neither overbought nor oversold. This leaves room for upward or downward price movement based on market sentiment.

Dogecoin Price Eyes New Highs

Over the past 24 hours, Dogecoin price saw a 4.2% increase, bringing its current price to $0.10820 from $0.10387. Nevertheless, Dogecoin is still 7% down from its Oct. 7 value of $0.11509.

Whether this trend will lead to a long-term bull run or remain a short-term rally remains to be seen, but DOGE’s market position remains strong. Shiba Inu, one of DOGE’s main competitors, has also shown signs of recovery.

SHIB recorded a 1.2% increase in the past 24 hours, though these gains represent a 13.17% price drop since Oct. 7. Currently, SHIB trades at $0.00001721, per Coingecko data.

As the crypto market heats up, traders shift to memecoins for possible gains. Recently, Arthur Hayes, Bitmex co-founder, invested heavily in Pepe Coin and other meme coins.

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