Memecoin Trading Driven by Short-Term Speculation, Analysis Finds

• Most memecoins are driven by the activities of short-term traders.
• Dogecoin has 110,000 active short-term traders on its network.
• Memecoin traders favor repeated short-term profits over ‘hodling.’

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.

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.

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