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Two Lower-Cap Memecoins Overtake Dogecoin in Weekly Active Traders: Crypto Analytics Firm IntoTheBlock

April 12, 2024

Two low-cap memecoins overtook Dogecoin (DOGE) in terms of weekly active traders, according to the crypto analytics firm IntoTheBlock.

Degen (DEGEN) currently leads all meme assets with 129,000 active traders, followed by The Doge NFT (DOG) with 126,000.

Explains IntoTheBlock,

“The number of addresses that hold an asset for less than a month are classified as traders. A strong increase in traders usually coincides with bullish momentum. While DOGE has long dominated almost every metric in the memecoin market, it seems to be losing some of its dominance.”

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DEGEN launched on the Ethereum (ETH) layer-2 scaling solution Base in January. The 212th-ranked crypto asset by market cap is trading at $0.0337 at time of writing and is down more than 9% in the past 24 hours.

The Doge NFT tokens are fractionalized portions of the iconic Doge photo, which was minted on-chain by Atsuko Sato and won at auction by PleasrDAO. The 295th-ranked crypto asset by market cap is trading at $0.0165 at time of writing and is down nearly 1.5% in the past 24 hours.

IntoTheBlock also notes that Dogecoin needs to solidly move past the $0.20 price level in order to reach new highs. At that price point, 32,000 addresses hold 3.78 billion DOGE at a loss.

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DOGE is trading at $0.195 at time of writing.

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