The Dogecoin (DOGE) ecosystem is experiencing mixed performance with a drop in price but intense accumulation by meme coin whales. At the time of writing, the price of Dogecoin is fell 8.35% in the last 24 hours, at $0.1475. However, the coin’s trading volume has managed to maintain a 96% increase to $1,696,311,945 amid a $1 million transaction increase.
The Dogecoin (DOGE) ecosystem is experiencing mixed performance with a drop in price but intense accumulation by meme coin whales. At the time of writing this article, the price of Dogecoin is fell 8.35% in the last 24 hours, at $0.1475. However, the coin’s trading volume has managed to maintain a 96% increase to $1,696,311,945 amid a $1 million transaction increase.
Increase of 27 billion whales
According According to data from cryptanalysis platform IntoTheBlock, Dogecoin whale transactions have skyrocketed 46.6% in 24 hours. At this rate, whales have acquired a total of $4.2 billion worth of DOGE so far.
Yuri Molchan
These massive purchases represent a total of $27.78 billion pocketed by these large traders whose trade size represents $100,000 or more. Dogecoin has always been on this front line as it is considered one of the top 10 coins with a high affinity for buying whales.
Despite the tension over the currency’s breakout potential as of late, this group of buyers considers the 27.78 billion coins purchased to be a vote of confidence. The reduced price of the coin is considered a vote of confidence for the asset whose market value fell as much as $0.145 in the last seven-day period.
What’s next for Dogecoin?
Dogecoin is one of the most volatile digital currencies on the market today with a very reactive community. At the moment, the currency’s momentum is determined by the overall pace of the market, with the main determinant being Bitcoin (BTC).
Tomiwabold OlajideFor their part, Dogecoin developers are considering introducing smart contract features into MyDogeWallet. Two of the planned features include Doginals and DRC-20 with updates to be rolled out to the wallet browser extension.
With more entrenched ecosystem functionalities, a new avenue of demand can be created for Dogecoin, benefiting the entire meme coin community.
