Dogecoin’s (DOGE) dramatic surge up the market cap rankings coincided with the re-awakening of the DOGE whales as the blockchain’s metrics surged to new heights in the last 24 hours. This means that DOGE’s price explosion coincided with the movement of a lot of coins across this blockchain.
At least $12 billion worth of DOGE was transferred across the blockchain within 24 hours, based on data from BitInfoCharts. To put that number into context, the ETH blockchain processed just $6 billion worth of Ether (ETH) on the same day.
Dogecoin started as a meme coin that was created as a joke in 2013. It derives much of its perceived value from the beautiful photo of the Shiba-Inu dog that emblazons its logo. Currently, it does not have active developers, and its own creator eventually sold all of his coins in 2016 during a period of unemployment.
Moreover, in a sector that promises decentralization, DOGE stands out like a sore thumb. Just a single address contains 28% of the total coin supply and 11 addresses make up 46%. The particular point was not lost on Tesla CEO who is a vocal Dogecoin fan Elon Musk. He said that he would lend full support to the crypto if the top holders sold off a majority of their coins.
Musk tweeted in February when DOGE was priced at about $0.05:
“If major Dogecoin holders sell most of their coins, it will get my full support. Too much concentration is the only real issue imo.”
Before Dogecoin reawakened after the Reddit pumps and Musk’s tweets, the coin had achieved a value of around $0.01 just one time before in its whole 8-year history. The coin’s abrupt 400% surge to reach above $0.34 in the last week alone has attracted a lot of attention, bringing them to bear on the DOGE subreddit.
Based on data from analysts at Skew.com, the total number of new subscribers to the group surged explosively in the last week in line with the rising coin price, surging from hundreds to thousands per day.