According to on-chain analysis, Dogecoin‘s weekly active trader count is now surpassed by the following coins: [list of coins].
Dogecoin Has Been Surpassed In Trader Count By Other Memecoins
Based on information from market intelligence source IntoTheBlock, DOG and DEGEN have more weekly traders than the original meme crypto asset.
An individual referred to as a “trader” in this context is an investor who has recently acquired cryptocurrencies within the past 30 days. Unlike long-term investors known as Hodlers, these traders are more likely to frequently buy and sell their coins, actively participating in market transactions. They differ significantly from the Hodlers who maintain a steady hold on their assets for extended periods.
An increase in the number of traders for a specific asset could signal newfound enthusiasm towards it. Price surges can only last if they’re fueled by continuous inflow, so a rising trader count might be an optimistic sign suggesting potential bullish trends ahead.
The decrease in the metric signifies that traders are either disengaging from the cryptocurrency or holding it for an extended period, surpassing the 30-day mark. Regardless of the reason, a decline in the indicator indicates fewer new investors entering the market.
Here’s a chart illustrating the growth in trader count for different meme coins within the sector:
Based on the chart, Dogecoin, represented by the blue line, has persistently taken the lead in trader numbers. This isn’t surprising since Dogecoin is widely recognized as the most popular meme coin, which is evident from its substantial market capitalization.
Enthusiasm and buzz tend to draw people to cryptocurrencies in large numbers. However, it seems that Dogecoin’s level of hype and excitement has been decreasing lately.
According to the analysis by the firm, DOGE‘s reign as the leading meme coin has begun to weaken in various market metrics. This could suggest that the coin’s popularity and investor interest may no longer be as strong as before.
According to IntoTheBlock’s analysis, DEGEN is presently the meme coin with the most active traders, boasting a total of 129,000. Dogecoin comes in second place with 126,000 active traders.
Due to the significant attention Memecoins are receiving currently, they could experience price fluctuations in the coming days as many traders act simultaneously.
According to theory, the volatility of these coins could cause prices to go up or down. However, our intelligent platform points out that an influx of traders often leads to a bullish trend.
DOGE Price
Last week, Dogecoin dropped below $0.17. However, its value has rebounded and is currently hovering around $0.20.
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2024-04-12 19:16