Recent data shows that Dogecoin (and $DEGEN) are dominating the memecoin space in terms of short-term trader activity.
Dogecoin saw a staggering 110,000 traders in the last 7 days with DEGEN seeing 23,000.
Analyst Ali Martinez foresees an incoming 200% rally on DOGE if it follows historical patterns.
Others like Crypto Rover and MekaMark see an incoming 5x - 7x surge.
Investors should always DYOR and prepare for massive fluctuations in either direction.
Dogecoin, the king of memecoins has risen again this week to take its rightful place.
This trend has seen $DOGE become a top choice among short-term traders, with the memecoin now beating others like Shiba Inu and Pepe.
According to on-chain data from IntoTheBlock, Dogecoin's dominance in the meme coin market has shown no signs of slowing down.
As it stands, traders are increasingly flocking to the asset and something huge may be inbound.
In addition to its popularity, Dogecoin may be on the brink of a major price movement with some analysts seeing a 200% increase.
On-chain data from IntoTheBlock reveals that Dogecoin has captured the attention of short-term traders ahead of its meme coin competitors.
In the past week alone, around 110,000 traders have actively engaged with the memecoin.
This is spectacular, compared to much lower numbers for other popular meme tokens.
Taking the lead among memecoins
Shiba Inu which has long been considered Dogecoin’s main rival, only saw around 23,000 active traders.
IntoTheBlock notes that DEGEN (a lesser-known meme coin) also attracted around 23,000 traders.
This is also impressive, considering how its market cap is just 10% of Shiba Inu’s.
Meanwhile, PEPE saw about 19,000 active traders during the same period.
Other smaller memecoins like Coq Inu, Turbo, Mog Coin and MAGA also had a slice of the trading activity:
Even though their numbers were far more modest with just around 4,000 traders actively involved in each.
This brings us to what comes next for Dogecoin.
According to crypto analyst Ali Martinez, Dogecoin is gearing up for a major price explosion.
In a recent analysis tweet, Martinez pointed out that Dogecoin is emerging from a multi-year descending triangle.
This triangle according to Martinez, has been a precursor to massive price gains for Dogecoin over the years.
200% spike for Dogecoin
Martinez highlighted that Dogecoin has followed a similar pattern since 2015.
It typically prints a sharp 200% increase—followed by a 60% retracement and then a full-scale bull run.
In essence if history repeats itself, Dogecoin may be in for another major rally after the current retracement phase.
This outlook coincides with a similar post from Crypto Rover, who posted a chart screenshot of $DOGE in a recent tweet.
The post interestingly featured the same descending triangle that Ali mentioned.
MekaMark also posted a similar outlook on 11 October.
The analyst says that Dogecoin is currently at a multi-year low and could be set for a 5x - 7x price surge very soon.
All of these analysts recommend an entry point around the $0.1 price level.
All of the above aligns with recent whale activity as outlined by IntoTheBlock in a 7 October tweet.
The data analytics company notes that large Dogecoin wallets have accumulated around 2.07 billion DOGE within a single week.
This marks the largest single purchase of Dogecoin by whales since January of this year.
Put simply, interest in Dogecoin is growing and investors are becoming more and more confident.
According to recent market insights from CoinMarketCap, Dogecoin is currently trading at a modest 0.16% gain in the last week.
Its price currently sits at around $0.1, which is perfect for entry according to the aforementioned tweet from MekaMark.
Performance on DOGE
Dogecoin is down by more than 10% from its October 7 high of $0.11509—which indicates that investors are biding their time and are looking for an opportunity.
On the flipside, Shiba Inu is down on the daily and weekly timeframes after crashing by more than 15% since 7 October.
The cryptocurrency now trades at around $0.000017. However, it remains to be seen if SHIB, PEPE and the rest of the meme market can follow Dogecoin upwards.
While Dogecoin is currently leading the pack in terms of short-term trading activity, the rest of the market remains highly volatile.
Investors continue to watch what happens next with DOGE—especially with the unpredictable price movements and speculative trading.
The ongoing Dogecoin outlook as pointed out by IntoTheBlock shows that something huge is headed this way.
Investors should remember to do their own research and be prepared for sharp fluctuations in either direction.
If Dogecoin can capitalize on its current momentum and follow the trend outlined by Martinez and the others, investors could be in for a 200% - 800% rally.
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.