Dogecoin govern as the best meme coin might be coming to an end. New on-chain data indicates that the types of people who trade meme coins every week are changing.
By the number of weekly traders, DOG and DEGEN have passed Dogecoin, according to data from market intelligence tool IntoTheBlock.
In this case, trader refers to investors who bought coins within the last 30 days and are actively involved in transactions, as opposed to investors who plan to keep their coins for an extended period of time.
Dogecoin Trader Interest Declines
A rise in the number of these traders is usually a sign that people are interested in an asset again, which could lead to price increases due to more action. On the other hand, a decline means that people are losing interest or switching to long-term holding plans.
Dogecoin, shown by the blue line in the chart, has always had the most traders, which shows that it has historically been the most popular meme coin. But recent trends show that the once-popular coin is becoming less appealing.
IntoTheBlock analysts said that Although Dogecoin has historically dominated the memecoin market, it appears to be ceding some ground, suggesting that people may not be as interested in the coin as they used to be.
Data from IntoTheBlock shows that DEGEN has the most busy traders at the moment, with 129k traders, and DOG is close behind with 126k traders.
Because there are more traders interested in these meme coins, the market is likely to become more volatile, and prices could go upward or downward. But the intelligence platform states that a rise in the number of traders is usually a sign of bullish progress.
Even though Dogecoin fell below $0.17 last week, it has since recovered and is now selling just below $0.20, showing that it remains resilient even as market conditions change.
