U.Today - Dogecoin (DOGE), the crypto ecosystem's first and largest meme coin, is seeing a massive surge in the number of whale transactions on the network as the broader market returns to a profitable path. to data from IntoTheBlock (ITB), the number of DOGE transactions surpassing $100,000 over the past 24 hours jumped by more than 152% to 1,250.
Image Source: This transaction growth is significant as it shows deep commitment to the meme coin even at a time when market sentiment has tilted into the bearish zone.
At the time of writing, each DOGE is at a price of $0.07086, down by 0.05% over the past 24 hours at a time when crypto assets are trying to wriggle out of their deep losses accrued all week long. The meme coin's growth was rejected at the $0.075 price level in what shows that the bearish grip on the coin is far from easing.
The growth in large whale transactions has a way of boosting sentiment on the network, by driving the scarcity of DOGE tokens. Should this massive accumulation continue, we may begin to see the much-needed turnaround in the price of the meme coin.
Influence of Dogecoin contenders
Drawing on the slow growth in the price of Dogecoin in the month-to-date period, we can infer that the coin is losing momentum as the favored fun token.This is in part due to the fact that more low-cap meme coins with the potential to create massive growth in a short time are finding their way into the ecosystem.
With the likes of , Milady Meme Coin (LADYS) is , and the influence of DOGE and Shiba Inu (SHIB) is waning, but the targeted whale action can help resuscitate interest in the legacy meme coins.