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6.93 Billion Dogecoin (DOGE) in 24 Hours, Whales Are Finally Pushing Big Numbers

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Sat, 22/06/2024 - 12:24
6.93 Billion Dogecoin (DOGE) in 24 Hours, Whales Are Finally Pushing Big Numbers
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Dogecoin (DOGE) whales are finally pushing big numbers, with 6.93 billion coins moved in just a 24-hour period. Data from crypto analytics platform IntoTheBlock (ITB) pegs the large transaction growth rate at 2.35% in 24 hours, underscoring the minute rebound trigger for the coin.

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Dogecoin resilience expanding

Dogecoin is one of the digital currencies in the top 10 whose position is constantly being threatened. Though it is the industry’s largest meme coin, Dogecoin comes with no unique utilities, hence, a lack of established ways to inspire demand for the coin.

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This has left Dogecoin in a very gray area since its inception. Trading for $0.1245, atop a 0.33% uptick, is proof that DOGE has a very cohesive community and investor base. Despite its lackluster utility, the embrace from the community has given DOGE the right resilience to weather the different uncertainties on the market overall.

With the ongoing whale transactions, the vote of confidence in Dogecoin is intensified, and this might further help sustain the growth of the digital currency. Beyond the direct pointer from the daily ITB whale data, Dogecoin has been on the frontlines of large buyers in recent times. 

The confluence of these on-chain activities has helped it maintain a standing above the $0.11 support level over the past week.

Meme coin dominance pressure

What Dogecoin is enjoying at the moment is the first mover advantage as there are numerous other meme coins that are making bigger waves at the moment.

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Shiba Inu (SHIB) is on the list of these innovative projects with its layer-2 scaling solution dubbed Shibarium. Unlike Dogecoin, Shiba Inu is deflationary with a scheduled burning program. 

Through Shibarium, Shiba Inu powers decentralized exchanges (DEXs) like ShibaSwap, new game features and other services that place a strong demand on SHIB. Over the coming decade, experts are positive that there might be flipping between both dominant meme coins.

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