DOGE leads SHIB and PEPE in this important parameter: details

Short-term trading activity is a critical factor in the volatility of Memcoins, which are mostly driven by hype and market sentiment.

Leading this trend is Dogecoin (DOGE), which boasts the highest number of short-term traders in the meme coin space.

DOGE emerges as a business favorite.

According to the latest findings from on-chain analytics platform Intotheblock, DOGE has attracted 110,000 short-term traders over the past seven days. This comes amid renewed strength in Memcoin price as the token attempts to break above the $0.109 resistance level.

Additionally, crypto analyst Ali Martinez pointed out a strangely recurring historical pattern in DOGE's price movements, suggesting that history may be repeating itself. According to Martinez, Dogecoin previously experienced a breakout from a multi-year descending triangle, followed by a 200% rise and then a 60% retracement, which ultimately resulted in a significant bull run.

DOGE recently took a 65% retracement action, which is consistent with a typical pattern seen in past cycles. This could indicate that the MemCoin is once again preparing for a major rally, reflecting previous bullish trends.

The significant movement in DOGE's active address indicates investor bullishness.

DEGEN traces behind DOGE

DEGEN in particular has emerged as a standout contender, staying close behind the OG meme coin. According to ITB data, it attracts about 23,000 active short-term traders during the same period, a figure that is only 10% of DEGEN's second largest market capitalization, Shiba Inu (SHIB).

This stark contrast underlines the need for strong speculation on DEGEN. Pepe (PEPE) showed similar sentiment with around 19,000 short traders.

Meanwhile, other mid-cap meme coins such as – Coq Inu (COQ), Turbo (TURBO), Mog Coin (MOG) and MAGA (TRUMP) – saw a significant drop in trader participation last week. Indeed, ITB data shows that many are averaging around 4,000 short-term traders, indicating a significant gap in activity levels compared to DOGE and DEGEN.