Recent data from the market intelligence platform intotheblock reveals a significant development in the memecoin market: both DOG and DEGEN have surpassed Dogecoin in terms of weekly active traders.
This shift in dynamics signals a potential change in the landscape of memecoins, with DOG and DEGEN emerging as formidable contenders.
The criteria for identifying active traders involves analyzing the number of addresses holding an asset for less than a month. This metric serves as a barometer for trader activity and is often indicative of bullish momentum in the market.
For years, Dogecoin has reigned supreme in the memecoin arena, dominating virtually every metric. However, recent trends suggest a shift in this paradigm, with DOG and DEGEN gaining traction and surpassing Dogecoin in terms of active traders.
Both DOG and DEGEN have surpassed Dogecoin in weekly active traders.
➖ The number of addresses that hold an asset for less than a month are classified as traders.
➖ A strong increase in traders usually coincides with bullish momentum.
➖ While $DOGE has long dominated almost… pic.twitter.com/XwIMdnFV4X— IntoTheBlock (@intotheblock) April 11, 2024
DEGEN and DOG Soar To New Milestones
Despite experiencing a 17% decline in value over the past 24 hours, DEGEN currently leads the pack with 129,000 active traders, closely followed by DOG with 126,000 traders.
This surge in trader activity underscores the growing popularity and appeal of these alternative memecoins among investors and traders.
The rise of DEGEN and DOG as frontrunners in the memecoin market signals a potential reconfiguration of the landscape, with new contenders challenging the dominance of established players like Dogecoin.
As the market continues to evolve, it will be interesting to observe how these dynamics unfold and whether Dogecoin can reclaim its position at the helm of the memecoin space.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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