Two low-cap memecoins have overtaken Dogecoin (DOGE) in terms of weekly active traders, according to cryptocurrency analytics firm IntoTheBlock.
Degen (DEGEN) currently leads all meme assets with 129,000 active traders, followed by The Doge NFT (DOG) with 126,000.
explain Into the Block,
“The number of addresses that hold assets for less than a month are classified as traders. A sharp increase in traders usually coincides with bullish momentum. DOGE has dominated almost every indicator in the memecoin market for a long time, but it appears to be losing some of its dominance.”
DEGEN was launched as an Ethereum (ETH) layer 2 scaling solution base last January. The 212th-largest cryptocurrency asset by market capitalization is trading at $0.0337 at the time of writing, down more than 9% in the last 24 hours.
The Doge NFT token is a segmented portion of the iconic Doge photo issued on-chain by Atsuko Sato and won in a PleasrDAO auction. The 295th-largest cryptocurrency asset by market capitalization is trading at $0.0165 at the time of writing, down nearly 1.5% over the past 24 hours.
Into the Block too note For Dogecoin to reach new highs, it would definitely need to surpass the $0.20 price level. At this price point, 32,000 addresses have 3.78 billion DOGE at a loss.
DOGE is trading at $0.195 at the time of this writing.
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