DEGEN and DOG Surpass Dogecoin In Weekly Active Traders

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.

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.

Follow us on Twitter @themerklehash to stay updated with the latest Crypto, NFT, AI, Cybersecurity, and Metaverse news!

Image Source: archnoi1/123RF // Image Effects by Colorcinch


Share this article:

Leave a Reply

Your email address will not be published. Required fields are marked *

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

The reCAPTCHA verification period has expired. Please reload the page.

Please enter CoinGecko Free Api Key to get this plugin works.