The first and largest meme coin in the crypto ecosystem, Dogecoin (DOGE), is witnessing a sharp increase in the volume of whale transactions as the whole market grows profitable. The number of DOGE transactions above $100,000 over the previous 24 hours increased by more than 152% to 1,250, according to statistics from IntoTheBlock (ITB).
This increase in transactions is noteworthy because it demonstrates a strong commitment to the meme coin even at a time when market sentiment has shifted to the negative.
Each DOGE is currently trading at $0.07086, down 0.05% over the previous 24 hours, as crypto assets struggle to recover from their severe losses accumulated over the course of the past week. The rejection of the meme coin’s rise at the $0.075 price level demonstrates that the coin’s negative hold is far from loosening.
By increasing the scarcity of DOGE tokens, the rise in massive whale transactions has a way of raising network sentiment. We could start to witness the much-needed reversal in the price of the meme currency if this large stockpiling keeps up.
Influence of Dogecoin contenders
We may deduce that Dogecoin is losing popularity as the preferred fun token based on the coin’s modest price rise over the past month.
This is partly because additional low-capacity meme currencies that have the potential to spur rapid development are making their way into the ecosystem.
The popularity of DOGE and Shiba Inu (SHIB) is diminishing as Milady Meme Coin (LADYS) and other meme currencies like PEPE take centre stage, but the focused whale activity may help revive interest in the legacy meme coins.
