Breaking: Two Low-Cap Memecoins Surpass Dogecoin in Weekly Active Traders
Two lower-cap meme cryptocurrencies have surpassed Dogecoin (DOGE) in terms of weekly active traders, as reported by the crypto analytics firm IntoTheBlock.
Leading Meme Assets:
- Degen (DEGEN) currently leads all meme assets with 129,000 active traders
- It is followed by The Doge NFT (DOG) with 126,000 active traders
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.”
DEGEN and DOG Details:
- DEGEN launched on the Ethereum (ETH) layer-2 scaling solution Base in January
- DEGEN is the 212th-ranked crypto asset by market cap, currently trading at $0.0337
- The Doge NFT tokens are fractionalized portions of the iconic Doge photo
- DOG is the 295th-ranked crypto asset by market cap, trading at $0.0165
Dogecoin’s Price Movement:
- IntoTheBlock notes that Dogecoin needs to solidly move past the $0.20 price level to reach new highs
- At the $0.20 price point, 32,000 addresses hold 3.78 billion DOGE at a loss
- DOGE is currently trading at $0.195
Hot Take: The Rise of Low-Cap Memecoins
With the surge of Degen (DEGEN) and The Doge NFT (DOG) in weekly active traders surpassing Dogecoin, the meme asset market is witnessing a shift in dominance. This shift highlights the evolving landscape of meme cryptocurrencies and the potential for new contenders to emerge as leaders in the space. Keep a close eye on these lower-cap memecoins as they continue to gain traction and impact the market dynamics.
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