Memecoin Upset: DEGEN and The Doge NFT Topple Dogecoin in Weekly Traders

Two memecoins, Degen (DEGEN) and The Doge NFT (DOG), surpassed Dogecoin (DOGE) in active weekly traders, with DEGEN leading with 129,000 and DOG following with 126,000, indicating bullish momentum for these lesser-known meme assets.

Two Memecoins Dethrone Dogecoin in Weekly Active Traders

In a stunning upset, two low-cap memecoins have snatched the crown from Dogecoin (DOGE) in terms of weekly active traders, according to data from respected crypto analytics firm IntoTheBlock.

DEGEN (DEGEN), a mysterious memecoin shrouded in intrigue, has emerged as the undisputed champion, boasting a staggering 129,000 active traders. Hot on its heels is The Doge NFT (DOG), a fractionalized representation of the iconic Doge photo, with 126,000 active traders.

"The number of addresses that hold an asset for less than a month are classified as traders," explains IntoTheBlock. "A strong increase in traders usually coincides with bullish momentum."

This remarkable shift in the memecoin landscape is a testament to the growing appetite for alternative memecoins. Dogecoin, once the undisputed king of the niche, is now facing a challenge to its supremacy.

DEGEN, a relatively new entrant, has captured the imagination of crypto enthusiasts with its enigmatic nature. Launched on the Ethereum (ETH) layer-2 scaling solution Base, DEGEN has quickly established a sizable following.

The Doge NFT, on the other hand, draws its allure from the iconic Doge photo, minted on-chain by renowned digital artist Atsuko Sato. The token, which represents fractionalized ownership of the photo, has gained traction among collectors and memecoin enthusiasts alike.

While Dogecoin remains the third-largest memecoin by market cap, it has been struggling to regain its former glory. IntoTheBlock analysts highlight that Dogecoin needs to decisively surpass the $0.20 price level to trigger a surge in bullish momentum.

Currently trading at $0.195, Dogecoin faces a significant hurdle to ignite a recovery. Over 32,000 addresses currently hold 3.78 billion DOGE at a loss at this price point.

The rise of DEGEN and The Doge NFT serves as a reminder that the crypto market is constantly evolving, with new projects emerging to challenge established leaders. Dogecoin's dominance is under threat, and the memecoin wars are heating up.