Highlights:
- DOGE has attracted more short-term traders than SHIB and PEPE in the past seven days.
- DEGEN recorded more numbers of investors than PEPE despite boasting only 10% of SHIB’s market capitalization.
- DOGE’s price breakout seems imminent, with $0.11 as a crucial level.
In one of its most recent tweets, renowned on-chain analytical platform IntoTheBlock disclosed that short-term traders favored Dogecoin (DOGE) over other meme coins, which includes Shiba Inu (SHIB) and PEPE. IntoTheBlock’s revelation implies that DOGE is cementing its position as the king of the meme ecosystem despite speculations, suggesting displacement by other meme tokens.
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While top cryptocurrencies will likely do well with more long-term investors than short-term, IntoTheBlock asserted otherwise for meme coins. Backing its claims, the on-chain tracker explained: “Short-term trader activity plays a significant role in meme coins as these tokens are primarily driven by hype.”
Short-term trader activity plays a significant role in memecoins, as these tokens are primarily driven by hype.$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
Statistical Report of Short-Term Traders
IntoTheBlock spotlighted eight meme coins with the highest number of Short-term traders. As stated earlier, DOGE topped the chart with a significant margin, having attracted 110,000 investors over the past seven days. Two tokens occupied the second spot with 23,000 short-term traders each. For context, these two meme coins are Shiba Inu and DEGEN.
Per IntoTheBlock, DEGEN’s position amid other top meme tokens was impressive. Emphasizing DEGEN’s remarkable feat, the crypto analytical firm remarked, “DEGEN stands out with around 23,000 active short-term traders, matching Shiba Inu’s, despite having only 10% of its market cap.”
Following SHIB and DEGEN on the charting was PEPE, with 19,000 investors. Relative to the top four, other meme coins that made the list had considerably low short-term traders. For context, in the past seven days, Coq Inu, Turbo, Mog Coin, and MAGA attracted only 4,000 investors each.
Memecoins with 100x-1000x potential have 3 key characteristics.
They have dedicated and delusional holders who never sell.
The token has survived multiple 80%+ corrections and came back stronger every time.
A die hard workforce of raiders who show up on every post and work…
— Whale Insider (@WhaleInsider) October 11, 2024
How Do DOGE Market Metrics Compare with Other Meme Coins
While DOGE has consistently maintained its position as the most valuable meme coin, top competitors like SHIB and PEPE have shown subtle signs of displacing the Elon Musk-inspired token. Notably, on CoinMarketCap, Dogecoin ranks as the eighth most valuable cryptocurrency with a $16.05 billion valuation and a $0.11 selling price.
Meanwhile, SHIB is the twelfth most-priced crypto asset with a $10.55 billion market capitalization and a $0.000018 selling price. PEPE missed the top twenty as it ranked as the twenty-fifth most valuable token. It has a market cap of roughly $4.13 billion and an individual token market price of about $0.0000098.
In other significant market variables, IntoTheBlock revealed that DOGE has more holders making profits at the current price than SHIB and PEPE. According to the data analytical platform, 75% of the DOGE holders are in profit. 5% are neither losing nor gaining, while 20% are accumulating losses.
For SHIB, 55% of its owners are in profit, 2% are neutral holders, and 43% are accumulating losses. On its part, PEPE has about 67% of holders making gains. Notedly, 9% are neither gaining nor losing, while 24% are counting losses. Meanwhile, in concentration by large holders, Dogecoin has the least, with 62%. Shiba Inu topped the chart with 73%, while PEPE followed closely with 72%.
Technical Analysis Spotlights $0.11 as a Crucial Level for DOGE’s Price Breakout
In one of our most recent news publications, the $0.11 price level made headlines as a crucial mark for Dogecoin. According to the publication, DOGE is witnessing a rebound from a $0.103 low. Consequently, it has exceeded resistance at the $0.107 level. Hence, the highlighted $0.11 becomes the next target, which will orchestrate the Elon Musk-inspired-token price breakout.
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