Dogecoin (DOGE) Metrics Show Mega Rally Is About to Start

Thu, 12/28/2023 - 09:51
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Dogecoin (DOGE) has maintained its dominance in the meme coin world, as showcased by its recent on-chain statistics. According to data from IntoTheBlock (ITB), Dogecoin whales are sustaining their momentum as the large transaction volume has been driven above the $1.6 billion benchmark after jumping by 27.97% over the past 24 hours.

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Dogecoin is notably seeing an impressive uptick across several metrics in what is coming off as an emphatic switch to end the year on a more bullish note. At the moment, Dogecoin is changing prices for $0.09322, up by 1.3% in readiness to clear off one more zero.

The Dogecoin price outlook is taking an important bullish cue from the whales operating within the ecosystem with their unfettered rally to new heights. The whale transaction volume is even more impressive, seeing as the value jumped from 10.19 billion DOGE as of Dec. 24 to the more than 17.39 billion it is at at the moment.

Dogecoin Whale Transaction Volume. Source: IntoTheBlock

Besides this, there is a bullish uptick in the Daily Active Addresses resident on the Dogecoin network. At this time, the Dogecoin protocol boasts more than 137,120 active addresses, representing a growth rate of 37.21%. These addresses are a testament to the rebooting interest in DOGE as an asset class.

Dogecoin advantage

When compared to its rival meme coins, Dogecoin notably has a lower number of ecosystem advantages; however, it is leveraging that which it has in the best possible way.

The whale embrace of Dogecoin is one advantage that has not only helped it maintain its price outlook but is poised to drive it on an impending mega rally ahead of the new year. Another advantage is the influence of celebrity promoters like Elon Musk.

Elon Musk Supports Dogecoin Creator's Thesis

Though the billionaire owner of Tesla and the X app has cooled down his posts on Dogecoin lately, his influence is like a sleeping giant that, when awakened, can push it far beyond the growth recorded by its rivals to that point.