The jump in Dogecoin (DOGE) market value rankings coincided with a resurgence of the DOGE whales as blockchain calculations rose to new heights in the last 24 hours.
According to BitInfoCharts, more than $ 12 billion in DOGE has been transferred through blockchain in the last 24 hours. To put this number in context, the Ethereum blockchain processed only $ 6 billion in Ether (ETH) on the same day.
Ether is the second largest cryptocurrency in the world by market value, and its blockchain is the most advanced in the world – with twice as many monthly liabilities on GitHub as Bitcoin (BTC).
Dogecoin is a meme coin created as a joke in 2013, which is largely based on the cute image of the Shiba Inu dog with the logo. It has no active developers, and the creator sold all his coins in 2016 during a period of unemployment.
Furthermore, in an industry that promises to decentralize, Dogecoin stands out as a sore thumb. Only one name contains 28% of the total number of coins, while 11 denominations make up 46%. This idea is not overlooked by Tesla boss and dogcoin fan Elon Musk, who has stated that he will fully support the cryptocurrency if the big coin holders sell most of their coins.
“If the main Dogecoin owners sell most of their coins, you will have my full support.” In February, Musk tweeted that Dogecoin was worth around $ 0.05.
Before Dogecoin was revived by Reddit pumps and Musk tweets, the coin hit only $ 0.01 once in its eight-year history. The coin’s sudden 400% jump to over $ 0.30 in the last week alone has received a lot of attention, leaving it under the influence of Dogecoin subreddit.
According to Skew.com analysts, the number of new subscribers to the branch has increased significantly over the past week in line with the increase in exchange rates and increased from hundreds to thousands per day.