• Dogecoin attracts 110,000 short-term traders, surpassing competitors like Shiba Inu and Pepe.
  • DOGE’s current price is $0.108644, showing a 1.86% increase in 24 hours.
  • Traders anticipate a potential breakout above the critical $0.108 resistance level soon.

As the crypto market recovers, Dogecoin (DOGE) is experiencing a surge in trading activity. According to IntoTheBlock, approximately 110,000 short-term traders flocked to Dogecoin in the past week.

This figure dwarfs interest in competitors like Shiba Inu (SHIB), DEGEN, and Pepe (PEPE). According to experts, increasing trading volume often signals growing interest in an underlying asset— Dogecoin in this case.

Dogecoin Dominates the Trading Scene

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

As the above post highlights, Dogecoin (DOGE) is currently leading with the highest number of short-term traders. More than 110,000 traders engaged with this DOGE over the course of just one week. This number far exceeds participation in other meme coins, solidifying Dogecoin’s position as the frontrunner.

In comparison, Shiba Inu and DEGEN attracted around 23,000 active traders each. Despite their similar trading activity, DEGEN’s market capitalization represents only 10% of Shiba Inu’s total value. Meanwhile, Pepe garnered about 19,000 active traders during the same period.

Smaller meme coins like Turbo, Mog Coin, and MAGA saw some action as well. Approximately 4,000 short-term traders engaged with these lesser-known tokens. While these numbers remain modest, they reveal a willingness among traders to explore emerging meme coins.

DOGE’s Price Movements and Future Outlook

As of writing, Dogecoin trades at $0.108644, marking a 1.86% increase over the past 24 hours. Trading volume for Dogecoin hit a remarkable $713,476,476, showcasing sustained interest. With a market capitalization of $15.9 billion, Dogecoin ranks position 8 on CoinMarketCap.

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Recently, DOGE dipped to $0.103 before bouncing back past the $0.107 mark. Such fluctuations can signal market uncertainty, primarily driven by profit-taking among short-term traders. However, this recovery points to renewed buying interest, hinting at bullish sentiment among investors.

The MACD indicates a weakening bearish trend. As the blue MACD line approaches the orange signal line, many anticipate an impending bullish crossover. For now, traders are monitoring whether Dogecoin will breach the critical resistance level at $0.108.

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