Dogecoin (DOGE) Emerges as Short-Term Traders' Favorite Meme Coin, Degen (DEGEN) Trails Closely

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

Short-term traders play a crucial role in the rapid price movements observed in meme coins, which are heavily influenced by market hype and sentiment. Among these meme coins, Dogecoin (DOGE) stands out with the highest short-term trader activity.

Dogecoin Catches Traders’ Attention

Over the past seven days, a remarkable 110,000 short-term traders have flocked to DOGE, according to data from on-chain analytics platform Intotheblock. This surge coincides with a period of renewed strength for the meme coin as it attempts to push above the resistance level of $0.109.

Furthermore, crypto analyst Ali Martinez has observed a recurring historical pattern in DOGE's price movements, hinting at a possible repetition. According to Martinez, Dogecoin has previously experienced a breakout from a multi-year descending triangle, followed by a 200% surge, a 60% retracement, and then a significant bull run.

Interestingly, DOGE has recently experienced a 65% pullback, which aligns with the familiar pattern observed in past cycles. This could suggest that the meme coin is once again preparing for a potential major rally, mirroring previous bullish trends.

The high level of activity in DOGE's active address also indicates bullish sentiment among investors.

Degen Emerges as a Contender, Piquing Trader Interest

Among the smaller meme coins, Degen (DEGEN) has emerged as a standout contender, attracting a large number of short-term traders. According to ITB data, DEGEN has attracted approximately 23,000 active short-term traders during the same period, an activity level that matches Shiba Inu (SHIB) despite DEGEN's market capitalization being only 10% of the second largest meme.

This stark contrast in activity levels highlights the strong speculative interest in DEGEN. Pepe (PEPE) also experienced a similar level of activity with around 19,000 short-term traders.

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

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