Dogecoin’s Resilience Amid Market Downturn: A Whales’ Confidence Signal
Dogecoin (DOGE) has recently demonstrated remarkable growth in the market, particularly in terms of large transaction volumes recorded on-chain. Despite the broader market experiencing a downward trend, which has dragged DOGE along with it, other performance metrics within the Dogecoin ecosystem remain positive.
Even though the large transaction metric, as reported by IntoTheBlock, showed a 25% decrease in the past 24 hours, the total amount of DOGE transferred by whales reached an impressive 4.31 billion. IntoTheBlock defines large transactions as those exceeding $100,000, and during this period, Dogecoin recorded over 998 such transactions.
Whales buying DOGE at a price of just $0.1012 highlights their confidence in the stability of the asset compared to its peers. Overnight, DOGE traded at a low of $0.009819, a price point many whales viewed as a strong buying opportunity.
This massive accumulation of Dogecoin is not uncommon, especially over the past seven days, during which Dogecoin’s total volume reached $9.66 billion. Considering the stagnant price, this raises questions about why the effect is not reflected in the asset’s value.
With such a significant supply of Dogecoin in circulation, the next price movement could either make or break some of the whales who have staked heavily on it.
Dogecoin vs. Its Competitors
Dogecoin continues to maintain its dominance in the cryptocurrency world, even as competitors like Tron’s SUNDOG attempt to capture the spotlight by offering higher returns to investors, trying to outshine established alternatives like DOGE.
Competition among meme coins is intensifying, with Shiba Inu and Pepe leading the charge. While neither has come close to surpassing Dogecoin’s market capitalization, they are excelling in other areas, such as the development of functional ecosystems.
Read more Dogecoin’s On-Chain Signals: What They Mean for the Price
Currently, Shiba Inu is spearheading major decentralized innovations through Shibarium. While Dogecoin has seen some interim upgrades, they pale in comparison to the efforts of Shiba Inu’s developers and others within its ecosystem.
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