According to U.Today, there has been a significant increase in whale activity over the past six months. The original meme cryptocurrency, Dogecoin (DOGE), has outperformed XRP, ADA, and several other major altcoins. While it has come close to beating Bitcoin and Ethereum, it hasn't quite managed to do so. Bitcoin and Toncoin have reached new highs.
A recent tweet revealed that Bitcoin, the world's largest and primary cryptocurrency, has set a new record for nonempty addresses, reaching 53.85 million wallets in the past six months. Toncoin (TON) wallets have surged to a high of 16,800. However, this network has been growing at a much faster pace than Bitcoin.
The report by Santiment continues, showing that in terms of percentage growth, TON is at the top of the list with a massive 110% increase, leading to a total of 16,800 nonzero wallets in the past half year. Dogecoin follows this crypto with 27% growth and the 6.6 million wallet milestone achieved by now. Bitcoin and Ethereum have printed modest increases of 10% and 11%, respectively, but their number of wallets has spiked to 53.9 million and 120.7 million.
XRP and ADA are at the bottom of the list, below Bitcoin. XRP nonempty wallets have increased by 7% (5.2 million in total), and ADA’s growth constituted 0%. The Cardano chain remains at the 4.5 million nonzero wallet level.
Cryptocurrency analyst and trader Ali Martinez, who has recently gained popularity on the X platform, shared his prediction that DOGE is set to stage a bull run. Martinez explained that the correction Dogecoin is currently undergoing is normal for this meme coin and has been observed before DOGE broke into a bull run in the past. He referred to 2017, when DOGE broke out of a descending triangle pattern. In that year, the meme coin dumped 40% before it started on a massive 982% bull run. A similar scenario played out in 2021; a retracement by 56% occurred before a 12,197% surge and the all-time high. Currently, Dogecoin has again broken out of a similar pattern and is expected to ignite a bull run.