Dogecoin Regains Bullish Momentum as Whale Wallets Holding 1M+ DOGE Increase
Dogecoin (DOGE) has seen impressive growth in its whale holdings in the past month, complementing the current price resurgence.
Dogecoin joined the altcoin recovery today after its price recorded an upshot of 3.4% to $0.07602. While this remains a defined win for Dogecoin this week, visible hurdles lie ahead seeing the 54.23% slump to its trading volume now pegged at $379,647,322.
However, currently, the interesting aspect of Dogecoin metrics worth shining the beam on is the emergence of a new horde of whales, according to insights from the crypto analytics platform Santiment.
Dogecoin Whales Creates New Order
Two interesting events taking place within the DOGE ecosystem, as noted by Santiment, include the reactivation of stagnant wallets and the entry of new whales into the network.
Specifically, Santiment shared an accompanying chart that shows the largest spike in DOGE dormant activity since June. The analytics platform highlights how this indicates potential “price direction change.”
As of November 22, 121 wallets holding over 1 million DOGE have emerged in the network in the past month. This is an indication of what Santiment calls “Big Money Interest.” The presented chart shows that the network now has a total of 4,715 addresses holding at least 1,000,000 DOGE.
While Dogecoin remains an asset well favored by retail holders, as shown by total transaction counts, whale activity in recent times depicts a sizable impact by this category of holders. Notably, the DOGE whale impact manifested in many ways this year from boosting price to tilting volume.
DOGE and its Rivals
As a coin with a market capitalization of $10,762,759,135, Dogecoin remains the largest cryptocurrency in the saturated “memecoin” space.
Though it is the ecosystem pioneer, its two top rivals Shiba Inu (SHIB) and Floki are notably making important pivots from their previous “no-utility” tags.
While DOGE, SHIB and Floki feature in payments systems, Shiba Inu has launched Shibarium, a L2 protocol while Floki debuted TokenFi, its tokenization platform recently. Dogecoin has no pivot of this form. In all, DOGE maintains a higher level of profitability as it commands a dedicated follower base.