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Dogecoin has skyrocketed in the meme coin universe, leading the pack with 110,000 short-term traders this week, blowing past rivals SHIB and PEPE, per data from IntoTheBlock.
DOGE Surges Ahead in Meme Coin Trading
Meme coins have seen a surge in short-term trading activity recently, according to an article released by on-chain data aggregator IntoTheBlock. The data showed that among popular meme coins, Dogecoin has recently attracted the greatest number of short-term trades.
Dogecoin has drawn the greatest number of short-term cryptocurrency traders over the past seven days—110,000—making it the top meme coin according to the research issued by the aforementioned on-chain data source.
SHIB and DEGEN Trail Behind DOGE
According to U.Today, Pepe, DEGEN, and Shiba Inu are the other top meme coins, and they're far behind.
With about 23,000 active short-term traders, both SHIB and DEGEN are noticeable, yet DEGEN only accounts for 10% of Shiba Inu's market cap. Over the previous week, PEPE reports that there were 19,000 active trades.
Lesser Meme Coins Gain Traction
Coq Inu, Turbo, Mog Coin, and MAGA are a few lesser meme currencies that have 4,000 short-term traders that are actively generating money with them.
Dogecoin Set for Another Bull Run?
In a recent tweet, crypto trader and analyst Ali Martinez suggested that DOGE, the first meme cryptocurrency and the market cap leader in its category, would have another bull run.
Martinez stated that Dogecoin is presently emerging from a multi-year descending triangle, and he provided a chart demonstrating that DOGE has been on a bull run since breaking out of the triangle in 2015. He made the observation that before that occurs, Dogecoin experiences a 200% surge followed by a 60% retracement. A bull run will not occur until that point has passed.
Whale Activity Boosts DOGE Price
In the meanwhile, as Dogecoin looks set for a 200% gain before a retracement and potential bull run, the aforementioned IntoTheBlock tweeted not long ago that big Dogecoin whales have amassed an astounding 2.07 billion DOGE in just one week. That purchase was the largest one made since the beginning of the year.
The value of Dogecoin has risen 4.2% in the past day, according to market data. After climbing from $0.10387, it is currently trading at $0.10820. Compared to its all-time high of $0.11509 on Monday, Oct. 7, DOGE is down 7% overall.
SHIB Struggles to Keep Pace
Its competitor, SHIB, which has fallen 13.17 percent since October 7 but has rebounded 4.4 percent in the past day, is now trading at $0.00001697.
