Dogecoin (DOGE )’s dramatic increase in market cap coincided with the resurgence of the DOGE whales as the blockchain’s metrics hit new heights in the past 24 hours.
According to BitInfoCharts, over $ 12 billion worth of DOGE was transmitted over the blockchain last day. To put that number into context, the Ethereum blockchain processed Ether (ETH) worth just $ 6 billion on the same day.
Ether is the second largest cryptocurrency in the world by market capitalization and its blockchain is the most active in the world – with twice as many monthly commits on GitHub as Bitcoin (BTC).
Dogecoin is a meme coin that was created as a joke in 2013 and derives much of its perceived value from the cute photo of the Shiba-Inu dog that has the logo emblazoned on it. There are no active developers, and its own creator sold all of his coins in a period of unemployment in 2016.
Additionally, in an industry that promises decentralization, Dogecoin stands out like a sore thumb. Only one address contains 28% of the total coin supply while 11 addresses account for 46%. That point was not lost on Tesla CEO and Dogecoin fan Elon Musk, who said he would fully support the cryptocurrency if the top holders sold most of their coins.
“If big Dogecoin holders sell most of their coins, this will have my full support. Too much focus is the only real problem imo, ”Musk tweeted in February when Dogecoin was around $ 0.05.
Before Dogecoin reawakened due to Reddit pumps and Musk tweets, the coin had reached a value of $ 0.01 only once in its entire eight-year history. The coin’s sudden 400% surge to over $ 0.30 in the past week alone has drawn a lot of glances and drawn their attention to the Dogecoin subreddit.
According to analysts at Skew.com, the number of new subscribers to the submarine grew exponentially over the past week in line with the rising price of coins, going from hundreds to thousands per day.