Dogecoin (DOGE) might be a relatively underperforming altcoin in terms of current price action, but deep insights into its on-chain activities reveal some major adoption records. Data from IntoTheBlock shows the total number of large whale transactions for the Dogecoin protocol grew from a total of 766 on Feb. 20 to 976 at the time of writing.
"Large transactions" are those that are more than $100,000 in value. The growth shows that the big-money buyers are intentional about their on-chain activities. Within the time under review, the digital currency recorded a total transaction volume that grew from $12.08 billion to $13.21 billion at the time of writing.
Dogecoin's price within this timeframe has not reflected the bogus transactions that have been completed on the blockchain thus far. The digital currency opened the week with a bullish tweet from Elon Musk, which subsequently sent the price of the asset to a daily high growth rate of over 10%.
The premier meme coin has shed this gain over the past week and is changing hands at $0.08412, down 0.85% over the past 24 hours and by 3.61% in the trailing seven-day period.
Dogecoin and growing competition
Dogecoin might be the biggest digital meme coin in today's Web 3.0 world, but the cryptocurrency is facing significant competition from several players in the industry. Shiba Inu (SHIB) is arguably the biggest rival, whose ecosystem growth and current outlook appear more positive than that of DOGE.
While the Shiba Inu community is anticipating the launch of Shibarium, its Ethereum-based Layer 2 protocol, Dogecoin has not released any major update that showcases growth over the past few months.
The growth and relevance of Dogecoin consist in its legacy, and this can be tagged as an attractive factor for its whales.