In the past twenty four hours, Doge whales have surged to a new height. Also the dramatic surge of Dogecoin (DOGE) in the ranking of market capitalization, and which coincided with the reawakening of DOGE whales.
In the past day and according to BitInfoCharts, data, over $12 billion worth of DOGE was transferred across the blockchain. On the same day, about $ 6 billion worth of
Ether is the world’s second-largest cryptocurrency by market cap and its blockchain is the most actively developed in the world — with twice as many monthly commits on GitHub as Bitcoin (BTC).
Dogecoin is a meme coin created as a joke in 2013, which derives much of its perceived value from the cute photo of the Shiba-Inu dog that emblazons its logo. It has no active developers, and its own creator sold all of his coins in 2016 during a period of unemployment.
What’s more, in an industry that promises decentralization, Dogecoin stands out like a sore thumb. Just one address contains 28% of the total coin supply, while 11 addresses make up 46%. This point was not lost on Tesla CEO and vocal Dogecoin fan Elon Musk, who said he would lend full support to the cryptocurrency if the top holders sold off most of their coins.
“If major Dogecoin holders sell most of their coins, it will get my full support. Too much concentration is the only real issue imo,” Musk tweeted in February when Dogecoin was priced at around $0.05.