Besides being the leader of memecoins in market capitalization, Dogecoin also appears to be a major player in memecoins major metrics.
Recent data from IntoTheBlock highlights Dogecoin’s leadership in the memecoin space, with the token attracting significantly more short-term trader activity than its competitors.
The Trader’s Choice: A Closer Look At Dogecoin’s Appeal
According to the recent post by IntoTheBlock on X, Dogecoin leads the pack in short-term trader activity, which is critical in the memecoin space, given that these tokens are primarily driven by hype and speculative trading.
The post notes that DOGE has attracted over 110,000 traders, surpassing well-known memecoins such as Shiba Inu (SHIB) and PEPE.
Interestingly, despite its smaller market capitalization of just $168 million, DEGEN matched SHIB’s short-term trader count, each boasting 23,000 traders. Other mid-sized memecoins like Turbo and Coq Inu trail behind with significantly lower trader activity at around 4,000 traders each.
Notably, short-term trading plays a major role in memecoins, as their prices are often swayed by market sentiment and speculative interest. DOGE’s dominance in this area is unsurprising, given its long history as the pioneer of the memecoin market.
With a market capitalization of over $15 billion, which is much larger than most competitors, DOGE continues to dominate and grab attention, especially from traders looking to profit from quick price movements.
Short-term trader activity plays a significant role in memecoins, as these tokens are primarily driven by hype.$DOGE unsurprisingly leads the pack with the highest number of short-term traders.$DEGEN stands out with around 23,000 active short-term traders—matching Shiba… pic.twitter.com/PAtX1G2OrX
— IntoTheBlock (@intotheblock) October 11, 2024
DOGE’s Current Price Uptick And Outlook
In the past day, DOGE’s price has experienced a slight uptick. Currently trading at $0.1071, the asset has seen a 3.1% increase in the past 24 hours.
This increase according to reports can be attributed to the recent unveiling of Elon Musk’s prototype of the fully autonomous Robotaxi, which featured a Shiba Inu dog in the passenger seat—a visual that resonated with Dogecoin enthusiasts.
Following the Robotaxi reveal, the Dogecoin community raised speculation about potential Dogecoin integrations into Tesla’s ecosystem. This interaction boosted Dogecoin’s visibility and contributed to its price movement.
Wait, did Elon just say we can buy a Tesla Cybercab with Dogecoin?
He dropped “You’ll be able to buy one” right when Doge appeared riding in the Cybercab! 👀 pic.twitter.com/t1vY8j8DZ2
— DogeDesigner (@cb_doge) October 11, 2024
Notably, the ripple effect was felt across other memecoins, with Shiba Inu (SHIB) rising by 2.3%, PEPE increasing by 2.7%, and WIF climbing by 8.9%.
Featured image created with DALL-E, Chart from TradingView
