Whale Activity Boosts Altcoin Market, DOGE Shines

On-chain data aggregator Santiment reports a surge in whale activity over the past six months, with Dogecoin (DOGE) outperforming XRP, ADA, and other major altcoins, coming close to surpassing Bitcoin and Ethereum. While Bitcoin and Toncoin (TON) have reached new highs, TON wallets have expanded faster than BTC, with DOGE outperforming ADA and XRP in terms of wallet growth. Analyst Martinez predicts a bull run for DOGE based on historical patterns of corrections preceding significant surges.

Whale Activity Spurs Growth in Alternative Cryptocurrencies

Data analysis firm Santiment has released findings indicating a surge in whale activity in the cryptocurrency market over the past six months. Dogecoin (DOGE), the original meme coin, has emerged as a standout performer, surpassing several notable altcoins, including XRP, ADA, and others.

DOGE has narrowly missed out on matching the gains of Bitcoin (BTC) and Ethereum (ETH). Notably, Bitcoin and Toncoin (TON) have both reached record highs.

Toncoin Wallets Surge, Outpacing Bitcoin

TON wallets have witnessed a surge in activity, reaching a high of 16,800. This network has experienced remarkable growth, outpacing Bitcoin in terms of the rate of expansion.

DOGE Surges Past ADA, XRP

Dogecoin has registered an impressive 27% growth, establishing a new milestone of 6.6 million wallets. Bitcoin and Ethereum have posted more modest gains of 10% and 11%, respectively. However, their wallet counts have increased significantly, reaching 53.9 million and 120.7 million, respectively.

XRP and ADA have placed at the lower end of the rankings. XRP's non-empty wallets have increased by 7%, totaling 5.2 million, while ADA's growth has stagnated at 0%. The Cardano chain remains at around 4.5 million non-zero wallets.

Analyst Predicts Bullish Run for DOGE

Cryptocurrency analyst Martinez has suggested that Dogecoin's current correction is a typical pattern for the meme coin, which has been observed prior to previous bull runs.

Martinez draws parallels to 2017, when DOGE emerged from a descending triangle pattern. That year, the meme coin plummeted 40% before embarking on a substantial bull run of 982%. A similar scenario occurred in 2021, with a 56% retracement followed by a remarkable 12,197% surge and an all-time high. Martinez asserts that Dogecoin has once again broken out of a similar pattern and anticipates another bull run.