The largest meme coin by daily traded volume and market capitalization, Dogecoin (DOGE), has enjoyed a bullish sentiment since tech billionaire Elon Musk purchased Twitter Inc for a whopping $44 billion. With a market capitalization of approximately $11,962,464,342 and a 24-hour traded volume of about $926,904,880, the Dogecoin ecosystem enjoys over 5,142,743 global holder base.
The second largest proof-of-work (PoW) secured digital asset has seen its social media involvement spike following the rise of meme coins’ global popularity. As of today, Dogecoin’s official Twitter account has amassed over 3.6 million followers since its inception in 2013.
Having registered over 1000 X in its lifetime, Dogecoin has attracted whale investors due to its deep liquidity and high volatility. Moreover, Ethereum miners have enjoyed some cushion from the Dogecoin network after the former migrated to proof-of-stake (PoS) through the Merge event.
Dogecoin Whale Appetite Spikes
The 2023 crypto relief rally has not significantly favored the Dogecoin price compared to other meme coins like Floki and Shiba Inu. Nonetheless, whales have been accumulating the meme lord irrespective of the bear market. Moreover, the next crypto bull market is expected to go parabolic in less than two years, according to most analysts.
According to analysis provided by on-chain analytic firm Santiment, Dogecoin’s whales have purchased over 1.06 billion DOGE worth approximately $94.34 million in the last 24 hours.
Additionally, Santiment noted that more whale accounts have been withdrawing Dogecoins from centralised exchanges to non-custodial wallets.
However, the Dogecoin price continues to consolidate sideways despite the increased on-chain whale activity.
Source: https://coinpedia.org/price-analysis/dogecoin-doge-whales-flexes-on-chain-activity-will-the-price-spike/