According to U.Today, Dogecoin (DOGE) whales have recently moved a staggering 6.93 billion coins within a 24-hour period. The data, provided by crypto analytics platform IntoTheBlock (ITB), shows a large transaction growth rate of 2.35% in 24 hours, indicating a slight rebound for the coin.
Dogecoin, despite being the largest meme coin in the industry, has no unique utilities and lacks established ways to inspire demand. However, it has managed to maintain its position in the top 10 digital currencies, albeit under constant threat. Currently trading at $0.1245, following a 0.33% uptick, Dogecoin's resilience is largely due to its cohesive community and investor base. Despite its lack of utility, the community's support has enabled Dogecoin to withstand various market uncertainties.
The recent surge in whale transactions has boosted confidence in Dogecoin, potentially aiding the digital currency's growth. In addition to the daily ITB whale data, Dogecoin has seen significant activity from large buyers recently, helping it maintain a standing above the $0.11 support level over the past week.
However, Dogecoin faces competition from other meme coins, such as Shiba Inu (SHIB), which offers innovative projects like its layer-2 scaling solution, Shibarium. Unlike Dogecoin, Shiba Inu is deflationary with a scheduled burning program. Through Shibarium, Shiba Inu powers decentralized exchanges like ShibaSwap, new game features, and other services that place a strong demand on SHIB. Experts predict that there may be a flip between the two dominant meme coins in the coming decade.