According to U.Today, Dogecoin (DOGE) has seen significant market growth in terms of large on-chain transactions. Despite the broader market experiencing a bearish trend, which has affected DOGE, other performance metrics within the Dogecoin ecosystem remain positive.

Dogecoin has witnessed a notable increase in whale activity. Although the large transaction metric, as measured by IntoTheBlock, dropped by 25% in 24 hours, the equivalent volume of DOGE moved by whales reached 4.31 billion. IntoTheBlock defines large transactions as those exceeding $100,000, with Dogecoin recording over 998 such transactions within this period. This whale accumulation indicates confidence in the asset's stability, even as DOGE traded as low as $0.009819 overnight, a price level considered a buying signal by many whales. Over the past seven days, Dogecoin has recorded a total volume of 9.66 billion DOGE, raising questions about why this activity has not significantly impacted the coin's price.

Dogecoin continues to maintain its dominance in the meme coin market, despite increasing competition. The Tron-based meme coin SUNDOG is attracting more investor returns, attempting to overshadow established alternatives like DOGE. The rivalry among meme coins is intensifying, with Shiba Inu (SHIB) and PEPE also vying for attention. While neither has approached Dogecoin's market capitalization, they are making strides in other areas, such as ecosystem development. Shiba Inu, for instance, is driving significant decentralized innovations through its Shibarium platform. Although Dogecoin has seen some upgrades, it still lags behind the efforts of Shytoshi Kusama and other developers within the SHIB ecosystem.