Memecoin Traders & Transactions Soared Last Month
A recent post on X by the market intelligence platform IntoTheBlock sheds light on the surge in the number of traders within the memecoin sector of the cryptocurrency market. The report reveals that there has been a substantial increase in the number of investors holding their coins for less than 30 days, indicating a record high influx of new traders in the past month across the memecoin class of assets.
Rise in Number of Traders
- Number of investors holding coins for less than 30 days hit a record high last month.
- Dogecoin contributed significantly to the spike in new traders.
- Indicator suggests influx of new traders has slowed down compared to last month.
Transaction Activity
- Total number of transactions for memecoins surged during the influx of new traders.
- Transaction activity has also slowed down recently along with the new user influx.
- Historically, high trading interest leads to price volatility.
Market Cap Milestone
- Total market cap of memecoins hit a new cycle high at $56 billion.
DOGE Price Update
As of the latest data, Dogecoin is trading at approximately $0.18, experiencing a decrease of over 13% in the past week.
Overall, the trajectory of memecoins like Dogecoin and Shiba Inu in the market appears to have been influenced by the influx of new traders and subsequent transaction activity. The impact of these trends on the prices and overall market dynamics remains to be seen as the market continues to evolve.
Hot Take: Memecoin Momentum Under the Microscope
On-chain data suggests that memecoins like Dogecoin (DOGE) and Shiba Inu (SHIB) observed a large influx of fresh traders last month.
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