- Dogecoin trade volume exceeded that of other meme coins for the first time in two months.
- Dogecoin network registered $1.6 billion in large volume transactions on May 28 as its price increased.
- Crypto analyst sets $1 bullish target for DOGE amidst long-term consolidation of the meme coin.
Dogecoin (DOGE), a leading meme coin in the crypto ecosystem, has seen a spike in activity from large wallet investors, popularly known as whales. The uptick in activity and recent price increases has placed Dogecoin as the biggest meme coin by market capitalization for the first time in around two months, regaining a leading position after Shiba Inu and PEPE took the center stage for most of April and May.
Whale activity pushed large transaction volume to $1.06 billion on May 28, fueling a bullish sentiment among DOGE holders. While Shiba Inu and PEPE emerged as key competitors for Dogecoin in April and May, the two tokens have registered a decline in on-chain activity.
Also read: Elon Musk warns traders against “betting the farm” on his favorite cryptocurrency Dogecoin
Around 40% of DOGE wallets turn profitable
Trade volume is considered a key on-chain metric to assess the utility and dominance of a cryptocurrency. Dogecoin’s trade volume climbed to $231.95 million in the past 24-hour period, leaving competitors Shiba Inu and PEPE behind. Shiba Inu’s trade volume for the same period is half that of DOGE at around $113 million, while PEPE is at $98.29 million, according to data from CoinGecko
Dogecoin’s dominance in terms of trade volume is driven by activity from whales. Large wallet addresses holding DOGE in their portfolio have consistently added more tokens to their holdings since April 3, according to data from crypto intelligence tracker Santiment.
Dogecoin accumulation by whales
Whales across three different segments, holding between 1,000 to 1,000,000 Dogecoin, have gradually increased their purchases of the meme coin since April 3. The metric fuels a bullish thesis for the Shiba-Inu-themed asset.
According to statistics from IntoTheBlock, at $0.0733 (DOGE price at the time of writing), more than 42% of wallet addresses holding Dogecoin are profitable. Still, 53.89% wallet addresses are “out of the money,” meaning they are sitting on unrealized losses.
42.91% DOGE wallets are profitable at the current price of $0.0733
Could Dogecoin price reach $1?
Large transactions in Dogecoin (USD)
The accumulation by whales, a spike in activity and large volume transactions have fueled a bullish thesis for Dogecoin price. Crypto expert and analyst @Jaydee_757 set a target of $1 for DOGE, in what he describes as an upcoming bull run.
The expert argues that long-term consolidation precedes a rally in the meme coin. DOGE price spent over 730 days below the orange trendline in the chart below, so the analyst said that a decisive breakout above the trendline is close.
DOGE/USD one-month price chart
In the event of a breakout, DOGE price is likely to break into the target zone between $0.7718 and $1.5000.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
US presidential election outcome could shape the future of crypto
US citizens will go to the polls to elect a new president on November 5, and their choice could be key for the future of the crypto industry and thus the price outlook for Bitcoin (BTC).
Bitcoin ETFs beat Gold ETFs with 65% gain since launch
Bitcoin ETFs have reshaped the digital asset investment landscape since their approval in January. Their total assets under management climbed over $70 billion during the weekend, placing them ahead of other investment products, including gold.
XRP eyes 10% rally amid relisting across crypto exchanges and growing institutional demand
Ripple's XRP is trading at $0.5050 up slightly by 0.2% in the past 24 hours as it struggles to sustain a move above a key symmetry triangle resistance. Meanwhile, in its recently released Q3 report, Ripple noted the rising listing and relisting of XRP across crypto exchanges and global platforms.
Ethereum Price Forecast: ETH struggles below $2,500 amid State of Michigan pension fund investment in ETH ETF
Ethereum is trading near $2,420, down about 1% on Monday, but could bounce off a key descending trendline close to the $2,258 historically high demand zone. Meanwhile, the State of Michigan pension fund revealed an investment of $11 million in ETH exchange-traded funds.
Bitcoin: New all-time high at $78,900 looks feasible
Bitcoin price declines over 2% this week, but the bounce from a key technical level on the weekly chart signals chances of hitting a new all-time high in the short term. US spot Bitcoin ETFs posted $596 million in inflows until Thursday despite the increased profit-taking activity.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.