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The Dogecoin (DOGE) ecosystem is seeing mixed performance with a slip in price but with intense accumulation by the meme coin’s whales. At the time of writing, the price of Dogecoin is down by 8.35% in the past 24 hours, to $0.1475. The coin’s trading volume has, however, managed to maintain a 96% surge to $1,696,311,945 amid a $1 million transaction surge.
27 billion whale boost
According to data from the crypto analytics platform IntoTheBlock, Dogecoin whale transactions have soared by 46.6% in 24 hours. At this rate, a total of $4.2 billion DOGE has been acquired by whales thus far.
Yuri Molchan
These massive buyups account for a total of 27.78 billion bagged by these large traders whose trade size represents $100,000 or more. Dogecoin has always been tagged in this frontline as it is considered one of the coins in the top 10 with a high affinity for whale buyups.
Despite the strain in the coin’s breakout potential in recent times, the 27.78 billion coins purchased is considered a vote of confidence by this group of buyers. The lowered price of the coin is considered a vote of confidence for the asset whose market value dropped as low as $0.145 in the trailing seven-day period.
What's next for Dogecoin
Dogecoin is one of the most volatile digital currencies in the market today with a very reactive community. At the moment, the coin’s momentum is determined by the general pace in the market with the major determinant being Bitcoin (BTC).
Tomiwabold OlajideOn its part, Dogecoin developers are mulling the introduction of smart contract features on MyDogeWallet. Two of the features being planned include Doginals and DRC-20 with upgrades set to be implemented on the browser extension of the wallet.
With more ingrained ecosystem functionalities, a new demand avenue for Dogecoin can be created, benefiting the entire meme coin community.
Yuri Molchan
Vladislav Sopov
Dan Burgin
Alex Dovbnya