Great Success from Elon Musk's Favorite Dogecoin (DOGE)! Significantly Outperformed SHIB and Other Competitors!

Memecoins are one of the areas that investors show great interest in. There are some of the memecoins that are among the coins that investors invest the most in.

At this point, on-chain data aggregator IntoTheBlock announced the memecoins most preferred by short-term investors.

Dogecoin (DOGE) Gained Significant Difference from Its Competitors!

Accordingly, while Dogecoin has recently become the most preferred memecoin by short-term investors, DOGE has attracted the most investors (110,000) in the last seven days.

After Dogecoin, the memecoins that attracted the most investors included Shıba Inu (SHIB), DEGEN and PEPE.

SHIB and DEGEN stand out with around 23,000 active short-term investors, but DEGEN has achieved significant success by catching up with SHIB despite only having 10% of Shiba Inu’s market value.

PEPE, one of the indispensable memecoins of whales, lags behind its competitors with 19,000 active investors last week.

Memecoins that short-term investors showed interest in included coins such as Coq Inu, Turbo, Mog Coin and MAGA.

“Short-term investor activity plays a major role in memecoins. Because memecoins are primarily driven by hype.

DOGE is, unsurprisingly, the memecoin with the largest number of short-term investors.

DEGEN stands out with around 23,000 active short-term investors, equivalent to SHIB, despite having only 10% of Shiba Inu’s market value.

The difference in investor numbers compared to the rest of the memecoins is significant. Several mid-cap tokens have investor numbers around 4,000.

Short-term trader activity plays a significant role in memecoins, as these tokens are primarily driven by hype. $DOGE unsurprisingly leads the pack with the highest number of short-term traders. $DEGEN stands out with around 23,000 active short-term traders—matching Shiba… pic.twitter.com/PAtX1G2OrX

— IntoTheBlock (@intotheblock) October 11, 2024

*This is not investment advice.