Dogecoin price has significantly underperformed other meme coins in the recent past led by Shiba Inu, Pepe, Floki, and Bonk, among others.
The total cryptocurrency market cap has in the past week stabilized around $2.6 trillion, as Bitcoin (BTC) price established a support level above $67K. Dogecoin (DOGE) price has slipped around 4 percent in the last five days to trade at about $0.1595 on Friday during the London session.
The large-cap altcoin, with a fully diluted valuation of about $23 billion and a daily average traded volume of around $1 billion, remains the undisputed meme lord despite the emergence of new meme coins in the recent past.
Moreover, the Dogecoin network has established a desirable reputation in the past years with deep liquidity for seamless trading. According to the latest on-chain data at the time of this report, the Dogecoin network had more than 7.3 million holders that facilitated over 334 million transactions.
Dogecoin (DOGE) Whales on a Buying Spree
According to on-chain data provided by Santiment, Dogecoin whales have purchased more than 700 million DOGE units, worth approximately $112 million, in the past three days alone. As a result, Dogecoin addresses holding between 100 million and 1 billion units now hold a total of about 30.9 billion DOGE units. Remarkably, Dogecoin whales have accelerated their accumulation pace in the recent past despite continued choppy markets.
#Dogecoin whales have bought over 700 million $DOGE in the past 72 hours, worth around $112 million! pic.twitter.com/zpMoHz1azX
— Ali (@ali_charts) May 31, 2024
Earlier this week, on-chain data showed that the Dogecoin network registered a sharp uptick in whale transactions. Specifically, Dogecoin transactions involving coins worth at least $100k increased from $1.54 billion to about $3 billion in less than 24 hours. Out of which, the Dogecoin volume that was moved by whale investors surged from 9.74 billion units to nearly 18 billion coins.
Favoring Fundamentals
The recent rise in Dogecoin whale transactions has triggered a spike in the general on-chain activity. Undeniably, Dogecoin whales are anticipating a supportive Elon Musk post on the X platform to send the meme coin to an all-time high.
As Coinspeaker severally noted in the past, Musk has obtained money transmitter licenses from over 20 American states to ensure the X platform becomes the everything app.
Already, Musk has integrated Dogecoin payments with SpaceX, thus signaling an inevitable integration with the X platform soon.
Midterm Targets
Dogecoin price has been on a macro-rising trajectory since its inception nearly a decade ago. The meme lord is in the early stages of its third major crypto bull market, following a successful bullish breakout during the first quarter of 2024.
However, DOGE’s price against the US dollar experienced a significant resistance level of around 22 cents, resulting in the ongoing market correction.
Since mid-April, DOGE price has ranged between 14 cents and 17 cents, without a clear signal of breaking out in either direction. In case Bitcoin and Ethereum prices continue in a bullish outlook soon, Dogecoin price will follow the same path in subsequent weeks.
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