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29 March 2024
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Dogecoin retakes meme coin throne as Shiba Inu, Pepe mania fades


  • Dogecoin trade volume exceeded that of other meme coins for the first time in two months.
  • Dogecoin network registered $1.6 billion in large volume transactions on May 28 as its price increased.
  • Crypto analyst sets $1 bullish target for DOGE amidst long-term consolidation of the meme coin. 

Dogecoin (DOGE), a leading meme coin in the crypto ecosystem, has seen a spike in activity from large wallet investors, popularly known as whales. The uptick in activity and recent price increases has placed Dogecoin as the biggest meme coin by market capitalization for the first time in around two months, regaining a leading position after Shiba Inu and PEPE took the center stage for most of April and May.

Whale activity pushed large transaction volume to $1.06 billion on May 28, fueling a bullish sentiment among DOGE holders. While Shiba Inu and PEPE emerged as key competitors for Dogecoin in April and May, the two tokens have registered a decline in on-chain activity. 

Around 40% of DOGE wallets turn profitable 

Trade volume is considered a key on-chain metric to assess the utility and dominance of a cryptocurrency. Dogecoin’s trade volume climbed to $231.95 million in the past 24-hour period, leaving competitors Shiba Inu and PEPE behind. Shiba Inu’s trade volume for the same period is half that of DOGE at around $113 million, while PEPE is at $98.29 million, according to data from CoinGecko 

Dogecoin’s dominance in terms of trade volume is driven by activity from whales. Large wallet addresses holding DOGE in their portfolio have consistently added more tokens to their holdings since April 3, according to data from crypto intelligence tracker Santiment. 

Dogecoin accumulation by whales

Dogecoin accumulation by whales 

Whales across three different segments, holding between 1,000 to 1,000,000 Dogecoin, have gradually increased their purchases of the meme coin since April 3. The metric fuels a bullish thesis for the Shiba-Inu-themed asset. 

According to statistics from IntoTheBlock, at $0.0733 (DOGE price at the time of writing), more than 42% of wallet addresses holding Dogecoin are profitable. Still, 53.89% wallet addresses are “out of the money,” meaning they are sitting on unrealized losses.

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