Dogecoin (DOGE) Flips Toncoin (TON) Following an Overall Meme Coin Revival
- The value of Dogecoin (DOGE) soared by 8%, surpassing the $0.16 threshold and momentarily touching a market valuation of $24 billion, cementing its position as the ninth biggest digital currency.
- Significant DOGE statistics, including the volume of transactions per day and the count of active wallets, have seen growth. Whales now control 63% of the total supply, with 86% of DOGE owners enjoying profits.
DOGE's Ascent in the Digital Currency Rankings
In the recent hours, the digital currency sector has observed remarkable activities, with the overall market cap rocketing to $2.75 trillion (as per CoinGecko's records). Many of the top digital currencies like Bitcoin (BTC), Ethereum (ETH), Polkadot (DOT), Avalanche (AVAX), among others, have reached their peak values in several months, buoyed by renewed optimism over potential US SEC approval of Ethereum ETFs within the week.
The meme-based digital asset category, too, has witnessed a notable surge, with Dogecoin (DOGE), Shiba Inu (SHIB), Pepe (PEPE), Bonk Inu (BONK), and more showing strong gains.
The frontline player of this category – DOGE – experienced an 8% jump in its value, crossing the $0.16 milestone. Its market cap momentarily escalated to $24 billion before settling slightly lower at $23.6 billion.
In the aftermath of this upturn, DOGE has overtaken Toncoin (TON), securing its place as the ninth-largest digital currency by market cap. Right above it, Ripple’s XRP holds the eighth spot with a market cap of $29.8 billion.
Rising DOGE Indicators
A range of Dogecoin's performance metrics have shown positive momentum. Data from IntoTheBlock reveals that the aggregated daily trading volume, with each trade exceeding $100,000, has crossed the $1.5 billion threshold, marking a 31% upsurge from the previous day's data. Similarly, there's been a modest increase in the number of daily active addresses engaging with DOGE.
At present, whales possess approximately 63% of DOGE’s available supply, and a dominating 86% of DOGE stakeholders are experiencing unrealized gains. This is a significant improvement from September of the previous year, when the meme coin domain was languishing in a downturn, leaving over 50% of Dogecoin investors at a loss.
Multiple market analysts have projected that DOGE’s upward trajectory has more room to grow. Earlier this month, notable analyst Rekt Capital posited that the token had “converted a long-standing resistance level into newfound support,” triggering a “new macro uptrend.”
A “macro uptrend” in the cryptocurrency realm is defined by a prolonged elevation in the market value of digital currencies over a lengthy period, usually spanning several months or years. This trend is frequently accompanied by positive market sentiment, increased investor confidence, and higher adoption rates.
