Dogecoin (DOGE )’s dramatic rise in market cap rankings coincided with the resurgence of the DOGE whales as blockchain metrics hit new heights in the past 24 hours.
According to BitInfoCharts, over $ 12 billion worth of DOGE was transferred over the blockchain last day. To put that number in context, the Ethereum blockchain only processed Ether (ETH) valued at $ 6 billion on the same day.
Ether is the second largest cryptocurrency in the world by market capitalization and its 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 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 flaunts its logo. It has no active developers and its own creator sold all of its coins during an unemployment in 2016.
Additionally, Dogecoin stands out like a sore thumb in an industry that promises decentralization. Only one address contains 28% of the total range of coins, while 11 addresses account for 46%. That point was not lost on Tesla CEO and vocal Dogecoin fan Elon Musk, who said he would be fully supportive of the cryptocurrency if the top holders sold most of their coins.
“If big Dogecoin holders sell most of their coins, it will get my full support. Too much focus is imo the only real problem, ”Musk tweeted in February when Dogecoin was around $ 0.05.
Before Dogecoin reawakened due to Reddit pumps and Musk’s 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 last week alone has drawn a lot of looks and put them on the Dogecoin subreddit.
According to data from analysts at Skew.com, the number of new subscribers to the sub grew exponentially from hundreds to thousands a day over the past week in line with the rise in the price of coins.