On-chain data aggregator IntoTheBlock has published a post about the recent increase in short-term trading activity that involved meme coins.
On-chain data aggregator IntoTheBlock recently highlighted the varying levels of attention meme coins have garnered from short-term cryptocurrency traders. Among these tokens, Dogecoin has emerged as the clear favorite.
According to IntoTheBlock's report, Dogecoin attracted the highest number of short-term traders over the past seven days, with an impressive total of 110,000 traders. This figure dwarfs the attention given to other meme cryptocurrencies, such as Shiba Inu, DEGEN and Pepe.
Interestingly, SHIB and DEGEN stood out with approximately 23,000 active short-term traders each, despite DEGEN's market capitalization value being only 10% of Shiba Inu's. Pepe also saw a notable presence with 19,000 active traders over the past week.
Meanwhile, smaller meme coins, including Coq Inu, Turbo, Mog Coin and MAGA, also had an evident presence in the market, with each boasting around 4,000 short-term traders actively engaged in generating profits.
This activity aligns with the broader role of short-term traders in the memecoin market, considering that these tokens are largely driven by hype and momentum.
In a related development, crypto analyst and trader Ali Martinez recently highlighted the potential for the original meme cryptocurrency, DOGE, to experience a significant increase in value.
According to Martinez's recent tweet, meme coin الرائدة and market cap wise, might be gearing up for a repeat of its bull narrative - as per this chart, it appears like apex crypto is breaking out of a multi year descending triangle (notice how each breakout resulted in a bull continuation).
"To the surprise of no one, it seems like apex crypto is breaking out of a multi-year descending triangle, with each breakout resulting in a bull continuation. Specifically, a 200% gain followed by a 60% retrace before continuing its bull run."
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