DOGE leads SHIB and PEPE in this important metric: details

The activity of short-term traders is a critical factor in the dynamics of meme coins, which are largely fueled by hype and market sentiment.

At the forefront of this trend is Dogecoin (DOGE), which has the largest number of short-term traders in the meme coin space.

DOGE appears as the traders’ favorite

According to the latest findings from on-chain analytics platform Intotheblock, DOGE attracted 110,000 short-term traders over the past seven days. This comes amid renewed strength in the price of the meme coin as the token attempts to break above the $0.109 resistance level.

Additionally, crypto analyst Ali Martinez also noted an interesting recurring historical pattern in DOGE’s price movements, suggesting that history may be repeating itself. Martinez said Dogecoin has previously experienced a multi-year descending triangle breakout, followed by a 200% surge and then a 60% pullback, which ultimately led to a major bull run.

DOGE had recently suffered a 65% pullback, which aligns with the familiar pattern seen in past cycles. This could indicate that the meme coin is once again poised for a potential major rally, mirroring previous bullish trends.

Significant activity in DOGE’s active address also indicates an optimistic attitude of investors.

DEGEN trails near DOGE

In particular, Degen (DEGEN) has also emerged as a prominent contender, behind the OG meme coin. ITB data suggests it has attracted roughly 23,000 active short-term traders over the same period, a figure that matches that of Shiba Inu (SHIB) even though DEGEN’s market cap is only 10% of the second meme bigger

This strong contrast highlights the strong speculative interest in DEGEN. Pepe (PEPE) also witnessed similar sentiment with about 19,000 short traders.

Meanwhile, other mid-sized meme coins such as Coq Inu (COQ), Turbo (TURBO), Mog Coin (MOG) and MAGA (TRUMP) have shown a noticeable decrease in trader participation over the past week. In fact, ITB data shows that many average around 4,000 short-term traders, indicating a significant gap in activity levels compared to DOGE and DEGEN.

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