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Dogecoin (DOGE) has experienced exceptional market growth regarding the volume of large transactions recorded on-chain. Though the broader market is undergoing a bearish shift, dragging DOGE along, other performance metrics within the Dogecoin ecosystem remain positive.
Dogecoin whale boost
Despite the large transaction metric measured by IntoTheBlock, dropping by 25% in 24 hours, the equivalent of DOGE shifted by whales comes in at 4.31 billion. By large transactions, IntoTheBlock profiled transactions above $100,000, with the premier meme coin recording over 998 related transactions within this period.
Mushumir ButtThat whales are buying DOGE when the price is worth just $0.1012 underscores the confidence in the asset’s stability compared with its peers. Overnight, DOGE traded as low as $0.009819, a price level most whales considered a buying signal.
This whale accumulation is not unusual for Dogecoin, especially over the past seven days, when it has recorded a total DOGE volume worth 9.66 billion. Considering how stagnant the coin's price is, it raises certain questions about why the impact is not seen in the asset's price.
With this massive Dogecoin showing, the next price trend or trajectory might make or mar some of the whales who bet on it.
Dogecoin and rivals
Dogecoin is maintaining its dominance in the meme coin world, even though competition is growing rapidly. The Tron meme coin SUNDOG is notably driving more returns for investors in an attempt to take the spotlight from established alternatives like DOGE.
Alex DovbnyaThe meme coin rivalry is also growing significantly, with Shiba Inu and PEPE on the front lines. Neither is close to taking Dogecoin's market capitalization, but in other areas like functional ecosystem development.
At the moment, Shiba Inu is driving massive decentralized innovations through Shibarium. While Dogecoin boasts momentary upgrades, it still pales in comparison to the efforts of Shytoshi Kusama and other SHIB ecosystem developers.
Gamza Khanzadaev
Tomiwabold Olajide