Degen

Shiba Inu

<ul class="wp-block-list news-points">
 <li><strong>Most memecoins are driven by the activities of short-term traders.</strong></li>
 <li><strong>Dogecoin has 110,000 active short-term traders on its network.</strong></li>
 <li><strong>Memecoin traders favor repeated short-term profits over ‘hodling.’</strong></li>
</ul>
<p>On-chain data shows that short-term traders are the main drivers of activity for most memecoins. Dogecoin has the largest number of short-term traders on its network, with 110,000 active traders. DEGEN, a reward token for the Farcaster Degen channel, has about 23,000 short-term active traders.</p>
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   <p lang="en" dir="ltr">Short-term trader activity plays a significant role in memecoins, as these tokens are primarily driven by hype.<a href="https://twitter.com/search?q=%24DOGE&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">$DOGE</a> unsurprisingly leads the pack with the highest number of short-term traders.<a href="https://twitter.com/search?q=%24DEGEN&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">$DEGEN</a> stands out with around 23,000 active short-term traders—matching Shiba… <a href="https://t.co/PAtX1G2OrX" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/PAtX1G2OrX</a></p>— IntoTheBlock (@intotheblock) <a href="https://twitter.com/intotheblock/status/1844649156025159689?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">October 11, 2024</a>
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<p>Interestingly, DEGEN’s 23,000 active short-term traders is the same as the number on the Shiba Inu network, even though Shiba Inu has a market cap ten times larger than DEGEN. These top three memecoins—DOGE, DEGEN, and SHIB—are far ahead of other projects in the memecoin space in terms of short-term trader activity.</p>
<p>A…</p>
<p>The post <a href="https://coinedition.com/memecoin-trading-driven-by-short-term-speculation-analysis-finds/" rel="noopener noreferrer nofollow">Memecoin Trading Driven by Short-Term Speculation, Analysis Finds</a> appeared first on <a href="https://coinedition.com" rel="noopener noreferrer nofollow">Coin Edition</a>.</p>

Memecoin Trading Driven by Short-Term Speculation, Analysis Finds

Coin Edition

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