Memecoins
Dogecoin (DOGE) launches Toncoin (TON) following a general resurgence of meme coins
TL;DR
- Dogecoin (DOGE) rose 8%, surpassing $0.16 and briefly reaching a market capitalization of $24 billion, making it the ninth largest cryptocurrency.
- DOGE’s key metrics, such as daily transaction volume and active addresses, have increased, with whales holding 63% of its supply and 86% of holders in profit.
DOGE climbs the cryptocurrency ladder
The last few hours have been more than eventful for the digital asset sector, with the capitalization of the global cryptocurrency market rising to $2.75 trillion (according to data from CoinGecko). Numerous leading cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Polkadot (DOT), Avalanche (AVAX) and many others, rose to multi-year highs in the middle hopes resurfaced The US SEC approved Ethereum ETFs already this week.
The meme coin sector has also seen notable momentum, with Dogecoin (DOGE), Shiba Inu (SHIB), Pepe (PEPE), Bonk Inu (BONK), and others performing well.
The largest such asset – DOGE – grew by 8% on a daily basis, surpassing the $0.16 mark. Its market capitalization briefly jumped to $24 billion before retreating slightly to its current level of $23.6 billion.
DOGE market capitalization, Source: CoinGecko
After the latest rally, DOGE has surpassed Toncoin (TON) and is now the ninth largest cryptocurrency. Ripple’s XRP ranks eighth with a market capitalization of $29.8 billion.
DOGE Growing metrics
Important indicators related to the Dogecoin ecosystem have also moved north. According to IntoTheBlock, aggregate daily volume, where each transaction exceeds $100,000, passed the threshold of $1.5 billion, which represents a 31% increase compared to the figure observed the day before. The number of daily active addresses also recorded an increase, albeit more modestly.
Whales currently hold approximately 63% of DOGE’s circulating supply, while 86% of all holders of the asset sit on paper profits. The situation was less optimistic in September last year, when the entire meme coin sector was in a bearish phase, with more than 50% of investors in Dogecoin be underwater.
Numerous analysts believe that the DOGE rally has yet to reach impressive dimensions. Earlier this month, user X Rekt Capital supported that the token “transformed multi-year resistance into new support,” resulting in a “new macro bullish trend.”
A “macro bull trend” in the cryptocurrency market is characterized by a sustained increase in the value of digital assets over an extended period, typically over months or years. It often coincides with favorable market sentiment, renewed investor confidence and increased adoption levels.