The dramatic rise in Dogecoin’s (DOGE) market capitalization coincided with the awakening of DOGE whales as the blockchain’s statistics soared to new heights in the past 24 hours.
According to data from BitInfoCharts, more than $ 12 billion has been transferred to DOGE over the blockchain in the past day. To put that number in context, the Ethereum blockchain processed just $ 6 billion worth of Ether (ETH) on the same day.
Ether is the world’s second largest cryptocurrency by market cap, and the blockchain is the most actively developed in the world – with twice as many monthly commits on GitHub as Bitcoin (BTC).
Dogecoin is a meme coin created as a joke in 2013 that takes much of its perceived value from the adorable photo of the Shiba-Inu dog gracing its logo. It has no active developers and its own maker sold all of its coins in 2016 during a period of unemployment.
What’s more, 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 make up 46%. This point was not lost to Tesla CEO and vocal 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, that will get my full support. Too much concentration is the only real problem, ”Musk tweeted in February when Dogecoin was priced at about $ 0.05.
Prior to Dogecoin’s awakening due to Reddit pumps and Musk’s tweets, the coin had only hit $ 0.01 once in its full eight-year history. The coin’s sudden 400% surge above $ 0.30 in the past week alone has attracted a lot of attention, affecting the Dogecoin subreddit.
According to data According to Skew.com analysts, the number of new subscribers to the sub has grown exponentially in the past week in line with the rising coin price, from hundreds to thousands per day.