Meme Coins Surpass Dogecoin in Weekly Active Traders, Signaling Shift in Crypto Market
In a surprising turn of events, a recent analysis has revealed that two meme coins have managed to eclipse the dominance of the iconic Dogecoin (DOGE) in a key metric, capturing the attention of the cryptocurrency market. According to a survey conducted by the cryptocurrency analytics platform IntoTheBlock on April 12th, both The Doge NFT (DOG) and epee (DEGEN) have surpassed Dogecoin in terms of weekly active traders.
The cryptocurrency market is a dynamic and ever-evolving landscape, and the number of addresses that hold an asset for less than a month are classified as traders. The analysis noted that a sharp increase in the number of traders typically coincides with bullish momentum for the cryptocurrency in question.
The IntoTheBlock platform’s analysis suggests that the largest meme cryptocurrency on the market, Dogecoin, may be losing some of its dominant position given the current market scenario. “While DOGE has long dominated almost every metric in the memecoin market, it appears to be losing some of its dominance,” the platform highlighted.
The survey revealed that the DEGEN memecoin currently leads the data, registering 129 thousand active traders, while the DOG token appears next with 126 thousand. This remarkable development has overshadowed the once-unrivaled Dogecoin in the weekly active trader metric.
At the time of writing, the price of DEGEN was quoted at US$0.03086, down 14.2% in the last 24 hours. In contrast, the DOG memecoin was trading at US$0.01865, with an increase of 11.6% in the last day.
It is worth noting that earlier this month, the cryptocurrency market witnessed a significant influx of new traders buying memecoins, according to an analysis shared by the IntoTheBlock platform on April 3rd. The platform’s survey indicated that the number of addresses holding meme coins for less than thirty days reached a record high last month, signaling a massive influx of new traders entering the market.
This shift in the meme coin landscape, with DOG and DEGEN surpassing the long-reigning Dogecoin in weekly active traders, could be indicative of a broader change in the cryptocurrency market dynamics. As the industry continues to evolve, it will be interesting to observe how the various players, including the iconic Dogecoin, adapt and respond to these emerging trends.
Disclaimer: The views and opinions expressed in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing or trading in cryptocurrencies carries a risk of financial loss.