Dogecoin Rises Again Due to Whales?

Dogecoin (DOGE) has seen a significant upsurge in whale holdings over the past month, fueling its current price resurgence.

Today, Dogecoin joined the altcoin recovery after its price rose 3.4% to $0.07602. While it was a clear win for Dogecoin this week, there are visible challenges ahead given the 54.23% drop in its trading volume, which now stands at $379,647,322.

However, the most interesting aspect of the Dogecoin metrics so far is the emergence of a new group of whales, as revealed by the crypto analytics platform, Santiment.

Dogecoin Whales Establish a New Order

Santiment noticed two interesting events within the DOGE ecosystem: the reactivation of dormant wallets and the entry of new whales into the network.

Specifically, Santiment shared a chart showing the largest spike in DOGE dormant activity since June. The analytics platform suggests that this could indicate a potential "change in price direction."

As of November 22, 121 wallets holding over 1 million DOGE have appeared on the network in the past month. Santiment refers to this as "Great Interest Money." The given chart shows that the network now has a total of 4,715 addresses holding at least 1,000,000 DOGE.

While Dogecoin is still a favorite among retail holders, as shown by the total transaction count, recent whale activity has had a significant impact. Notably, the influence of the DOGE whale has manifested itself in a variety of ways this year, from raising prices to affecting volume.

DOGE and its competitors

With a market capitalization of $10,762,759,135, Dogecoin remains the largest cryptocurrency in the crowded "memecoin" space.

Although it is the pioneer of the ecosystem, its top two rivals, Shiba Inu (SHIB) and Floki, are making significant changes from their previous "no-utility" labels.

While DOGE, SHIB, and Floki featured or fineatured payment systems, Shiba Inu launched Shibarium, an L2 protocol, and Floki recently launched TokenFi, its tokenization platform. Dogecoin has not made a similar pivot. However, DOGE maintains a higher level of profitability due to its dedicated follower base.

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