Date: Fri, Oct 11, 2024, 08:28 AM GMT
The cryptocurrency market has been buzzing with activity lately, particularly among memecoins, as Bitcoin’s price fluctuates around the $60,000 mark. This volatility has pushed many major memecoins back to their initial buying zones, sparking a notable increase in short-term trading activity.
Recent analysis from IntoTheBlock reveals a significant rise in short-term traders over the past week. Leading the pack is Dogecoin (DOGE), which unsurprisingly boasts the highest number of short-term traders, reaching an impressive 110,000 traders. Following closely is Shiba Inu (SHIB), with 23,000 traders joining the fray. Interestingly, DEGEN has also made a mark with 23,000 active short-term traders, despite its market cap being only 10% of Shiba Inu’s.
Another contender in the memecoin space, Pepe, has experienced a surge in trading activity as well, with approximately 19,000 traders participating. Additionally, other memecoins such as COQ, TURBO, MOG, and MAGA have seen a growth of around 4,000 traders each.
As the market continues to shift in volatility, it will be interesting to see how these memecoins perform in the coming days and whether the short-term trading frenzy will lead to more significant price movements.
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