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Dogecoin (DOGE) Sits Out Recent Upsurge, Are Whales Planning Move?

Mon, 02/20/2023 - 16:10
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Godfrey Benjamin
Dogecoin price dormancy does not mean it is losing meme coin battle
Dogecoin (DOGE) Sits Out Recent Upsurge, Are Whales Planning Move?
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Despite the impressive uptrend that was printed by a host of digital currencies today, the world's first meme coin was more or less an onlooker. The Dogecoin (DOGE) price failed to move since the defined uptrend of last week as the coin is down by 1.89% at the time of writing to $0.08852, per data from CoinMarketCap.

While Dogecoin is still up by 8.46% week to date, the outlook with respect to its ecosystem activities is not impressive at this time. The protocol, which uses the proof-of-work (PoW) consensus mechanism, has not shared any major utility or protocol growth for some time now, a significant source of worry for the top holders.

Despite its lack of action, on-chain data shows that the number of active Dogecoin addresses is higher today than on any other day over the past week.

Dogecoin Active Addresses
Image Source: CoinMarketCap

With more addresses making their entry, one may wonder whether there is a subtle coordinated plan in place to buy up the token in the mid-to-long term. The dormancy of Dogecoin with respect to its price action is also antagonistic to the growth in trading volume, which soared by 34.20% over the past 24 hours.

Elon Musk Sports Dogecoin T-Shirt at Super Bowl

Whether or not something is brewing, Dogecoin is keeping an eye on it for the week.

Is Dogecoin winning the meme coin battle?

At this time, we can say Dogecoin is leading other competing meme coins, including Shiba Inu (SHIB), Floki Inu (FLOKI) and Bonk (BONK), among others, in terms of market capitalization.

Besides this, Shiba Inu has proven to be a more exciting token than Dogecoin as it has carved a utility that goes beyond absolute reliance on Elon Musk's tweets for its growth. Dogecoin is still the legacy meme coin, but in the long term, Shiba Inu might give it a run for its money, especially with the forthcoming Shibarium.

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About the author

Godfrey Benjamin is an experienced crypto journalist whose main goal is to educate everyone around him about the prospects of Web 3.0. His love for crypto was birthed when, as a former banker, he discovered the obvious advantages of decentralized money over traditional payments. With his vast experience covering various aspects of Web3, Godfrey's articles has been featured on, Cryptonews and Coingape, among others.