Dogecoin (DOGE) whales are finally hitting big numbers, with 6.93 billion coins moved in just a 24-hour period. Data from the cryptanalysis platform IntoTheBlock (ITB) pegs The growth rate of large transactions was 2.35% in 24 hours, underscoring the minute bounce trigger for the coin.
Dogecoin (DOGE) whales are finally hitting big numbers, with 6.93 billion coins moved in just a 24-hour period. Data from the cryptanalysis platform IntoTheBlock (ITB) pegs The growth rate of large transactions was 2.35% in 24 hours, underscoring the minute bounce trigger for the coin.
Dogecoin’s resilience expands
Dogecoin is one of the top 10 digital currencies whose position is constantly threatened. Although it is the largest meme coin in the industry, Dogecoin has no unique utilities, so there is a lack of established ways to inspire demand for the coin.
Yuri MolchanThis has left Dogecoin in a very gray area since its inception. Trading for $0.1245, in addition to a 0.33% increase, is proof that DOGE has a very cohesive community and investor base. Despite its lackluster utility, the community’s embrace has given DOGE the right resilience to overcome different uncertainties in the overall market.
With whale transactions underway, the vote of confidence in Dogecoin is intensifying and this could further help sustain the growth of the digital currency. Beyond the direct indicator of the daily ITB whale data, Dogecoin has been in the front line of big buyers as of late.
The confluence of these on-chain activities has helped it stay above the $0.11 support level over the past week.
Coin dominance pressure meme
What Dogecoin is enjoying right now is the first-mover advantage, as there are many other meme coins that are making a bigger splash right now.
Vladislav SopovShiba Inu (SHIB) is on the list of these innovative projects with its layer 2 scaling solution called Shibarium. Unlike Dogecoin, Shiba Inu is deflationary with a scheduled burning schedule.
Through Shibarium, Shiba Inu powers decentralized exchanges (DEX) like ShibaSwap, new gaming features, and other services that place strong demand on SHIB. Over the next decade, experts are sure there could be shifts between the two dominant meme currencies.
