On-chain data has revealed a significant surge in new traders entering the memecoin market, particularly in assets such as Dogecoin (CRYPTO:DOGE) and Shiba Inu (CRYPTO:SHIB) last month.

The market intelligence platform IntoTheBlock, in a recent analysis, highlighted this upward trend, showcasing both an increase in traders and transaction volume in the memecoin sector.

This influx suggests a growing interest and participation in these digital assets, marking a notable period of activity for memecoins, which are often characterised by their viral appeal and community-driven momentum.

The data underscores the dynamic and fluctuating nature of the cryptocurrency market, with memecoins gaining renewed attention from investors.