Dogecoin Becomes Traders’ Champion Over SHIB and PEPE: Report

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As a seasoned crypto investor with over a decade of experience in this rollercoaster ride, I’ve learned that the crypto market is as unpredictable as Elon Musk’s tweets. However, when it comes to meme coins, my dear fellow investors, it seems that Dogecoin (DOGE) continues to rule the roost.

According to a recent post by on-chain data aggregator IntoTheBlock, there’s been a rise in brief trading activities involving meme coins, with Dogecoin being the coin of preference for these short-term traders. Other well-known meme coins have received significantly less interest from them.

DOGE leaves SHIB, PEPE, DEGEN far behind

According to the report from the given online data resource, it’s been found that Dogecoin is currently the most favored meme coin among short-term crypto traders due to a surge in interest over the last week. This sudden spike has attracted approximately 110,000 traders within this timeframe.

Leading alternative meme coins such as Shiba Inu, DEGEN, and Pepe are significantly trailing behind. While SHIB and DEGEN boast around 23,000 active short-term traders each, it’s important to note that DEGEN represents just a tenth of the market capitalization value of Shiba Inu. Over the past week, Pepe has shown an active trader count of 19,000. Smaller meme coins like Coq Inu, Turbo, Mog Coin, and MAGA are currently attracting approximately 4,000 short-term traders who have been actively profiting from these cryptocurrencies.

As an analyst, I can’t help but notice that the actions of short-term traders significantly influence memecoins. These digital tokens are mostly fueled by hype. Notably, Dogecoin ($DOGE) is the undisputed leader in this regard, attracting a high volume of short-term traders. On the other hand, DEGEN boasts approximately 23,000 active short-term traders, mirroring Shiba Inu’s numbers, showcasing strong interest among this group.— IntoTheBlock (@intotheblock) October 11, 2024

Dogecoin eyes 200% increase

Based on a recent tweet from crypto analyst and trader Ali Martinez, there’s a possibility that Dogecoin (DOGE), the most prominent meme cryptocurrency by market capitalization, could experience a resurgence similar to its past bullish trends.

Martinez explained that at the moment, Dogecoin is emerging from a prolonged descending triangle pattern, as indicated in his chart. He noted that since 2015, there has been a breakout from this pattern accompanied by a ‘bull run’. However, before this bull run occurs, he predicted that Dogecoin would experience a surge of approximately 200%, followed by a 60% correction or pullback. It is only after this correction that the anticipated bull run would take place.

As Dogecoin prepares for a potential 200% increase before a possible downturn and subsequent bull run, a notable tweet from IntoTheBlock highlighted that large Dogecoin holders (whales) recently amassed an impressive 2.07 billion DOGE within a week, marking the largest purchase since January of this year.

Currently, Dogecoin has experienced a 4.2% growth over the past day. At present, it’s being traded at approximately $0.10820, having risen from $0.10387. However, it’s worth noting that as of now, Dogecoin is still 7% lower than its price on Monday, October 7, which was $0.11509.

In the past day, its competitor, SHIB, rebounded by 4.45%, following a 13.17% drop since October 7th. Currently, it’s being traded at approximately $0.00001697.

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2024-10-11 13:15