Dogecoin Leads Memecoin Activity with 110,000 Short-Term Traders
On-chain data shows most memecoin activity is driven by short-term traders. Dogecoin leads with 110,000 active traders, followed by DEGEN and Shiba Inu, both with 23,000 traders, despite SHIB's much larger market cap.
Memecoins like Dogecoin, DEGEN, and Shiba Inu dominate short-term trading, with others like Coq Inu and Turbo trailing with around 4,000 traders each. This highlights the speculative nature of memecoins, where traders aim for quick profits through short-term strategies like scalping or intraday trading during market swings.
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