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Cryptocurrency News Articles
Dogecoin Skyrockets in the Meme Coin Universe, Leading the Pack With 110,000 Short-Term Traders This Week
Oct 11, 2024 at 08:48 pm
Meme coins have seen a surge in short-term trading activity recently, according to an article released by on-chain data aggregator IntoTheBlock.
Meme coins have seen a surge in short-term trading activity recently. According to an article released by on-chain data aggregator IntoTheBlock, Dogecoin has attracted the greatest number of short-term trades among popular meme coins.
The data showed that Dogecoin had about 110,000 active short-term traders in the past seven days, making it the top meme coin in this category, according to the research issued by the aforementioned on-chain data source.
Other top meme coins include Pepe, DEGEN, and Shiba Inu, although they are far behind DOGE, according to U.Today.
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.
A few lesser meme currencies that have 4,000 short-term traders that are actively generating money with them include Coq Inu, Turbo, Mog Coin, and MAGA.
Crypto trader and analyst Ali Martinez suggested in a recent tweet that DOGE, the first meme cryptocurrency and the market cap leader in its category, would have another bull run.
According to Martinez, who included a chart in his tweet, Dogecoin is presently emerging from a multi-year descending triangle, and the crypto trader went on to say that DOGE has experienced another bull run since breaking out of the triangle in 2015.
Before that occurs, however, Martinez noted that Dogecoin experiences a 200% surge followed by a 60% retracement, and a bull run will not occur until that point has passed.
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 by whales since the beginning of the year, according to the data platform. The price 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 overall by 7%. 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.
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