A surge in short-term trading activity involving meme coins has been reported by IntoTheBlock, with Dogecoin (DOGE) emerging as the top choice among traders.
According to the report, Dogecoin attracted approximately 110,000 active short-term traders over the past seven days, significantly outpacing other meme coins like Shiba Inu (SHIB), DEGEN, and Pepe (PEPE).
Dogecoin Dominates Short-Term Trading
The data highlights Dogecoinâs strong appeal to short-term traders, drawing more than 110,000 participants in just a week. This number far exceeds that of other meme coins, cementing Dogecoinâs position as the most actively traded meme cryptocurrency for short-term investors.Â
In contrast, Shiba Inu and DEGEN trailed far behind, each attracting around 23,000 active short-term traders. Despite their similar trading activity, DEGENâs market capitalization remains significantly lower, representing only 10% of Shiba Inuâs total value. Pepe, another notable meme coin, saw approximately 19,000 active traders over the same period.
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 tradersâmatching Shiba⊠pic.twitter.com/PAtX1G2OrX
â IntoTheBlock (@intotheblock) October 11, 2024
Smaller meme coins such as Coq Inu, Turbo, Mog Coin, and MAGA also showed some trading activity, with about 4,000 short-term traders engaging with these tokens. Although these numbers are much smaller, they indicate that traders are actively seeking opportunities in lesser-known meme coins.
Dogecoinâs Price Movement and Market Position
As of the time of writing, Dogecoin was trading at $0.108644, marking a 1.86% increase over the past 24 hours. The 24-hour trading volume for the coin reached $713,476,476, reflecting sustained interest in the token. Dogecoin holds the #8 spot in the CoinMarketCap ranking, with a live market capitalization of $15.9 billion.
Source: CoinMarketCap
Recent trading charts for Dogecoin show notable price fluctuations. The price dipped to a low of $0.103, followed by a recovery that pushed it past the $0.107 mark. This price movement suggests a period of market uncertainty, with fluctuations likely due to profit-taking by short-term traders.
However, the subsequent price recovery indicates renewed buying pressure, reflecting positive sentiment among investors. The green sections of the chart illustrate this upward trajectory, signaling potential bullish momentum.
Additionally, the MACD and RSI offer further technical indicators of the position of Dogecoin in the market. MACD shows signs of a weakening bearish trend, the blue MACD line is approaching orange signal line may indicate a bullish crossover.Â
Source: TradingView
The market is also neither overbought nor oversold as the RSI is at the neutral level of 50.Â
The post Dogecoin Price Update October 11: DOGE Attracts 110,000 Traders: But Will the $0.108 Resistance Hold? appeared first on Coinfomania.
