The Daily Hodl: IntoTheBlock, a cryptocurrency analytics company, reports two smaller meme coins have more active traders than Dogecoin in the last week.

According to a crypto analysis company called IntoTheBlock, two smaller meme coins have surpassed Dogecoin in terms of the number of active traders. Degen is currently leading with 129,000 active traders, followed by The Doge NFT with 126,000.

IntoTheBlock explains that traders are defined as addresses that have held the asset for less than a month, and an increase in traders usually indicates a positive trend. While Dogecoin has been a dominant player in the meme coin market, it seems to be losing some of its dominance.

DEGEN was launched on the Ethereum scaling platform, Base, in January. It is currently ranked 212th by market cap and is trading at $0.0337, with a decrease of over 9% in the past 24 hours.

The Doge NFT tokens are fractionalized versions of the famous Doge photo, created by Atsuko Sato and won at auction by PleasrDAO. It is currently ranked 295th by market cap and is trading at $0.0165, with a decrease of almost 1.5% in the past 24 hours.

IntoTheBlock also points out that Dogecoin needs to reach a price of $0.20 in order to reach new highs. At that price, there are 32,000 addresses holding 3.78 billion DOGE at a loss.

Currently, DOGE is trading at $0.195.

Disclaimer: The opinions expressed by The Daily Hodl are not investment advice. It is important for investors to do their own research before making any high-risk investments in Bitcoin, cryptocurrency, or digital assets. Transfers and trades are done at the individual’s own risk, and any losses are their responsibility. The Daily Hodl does not recommend buying or selling any cryptocurrencies or digital assets and is not an investment advisor. Please note that The Daily Hodl may participate in affiliate marketing.