Dogecoin gains 5.30% to rank as the most purchased cryptocurrency by whales

Dogecoin (DOGE / USD) has seen a recovery that has coincided with the recovery in the broader cryptocurrency market. The meme coin is currently on a bullish rally, and over the past 24 hours, it has gained around 7%, allowing it to recoup some of the losses suffered.

Dogecoin is currently the largest meme coin, with a market capitalization of around $ 20.4 billion. The meme currency came into the spotlight after being endorsed by Tesla CEO Elon Musk.

Dogecoin is a favorite with whales

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At the time of writing, Dogecoin was trading at around $ 0.154. A tweet Recent WhaleStats noted that Dogecoin has regained its position among the top ten cryptocurrencies bought by whale addresses.

“@Dogecoin back in the top 10 of tokens bought by BSC’s 1,000 largest wallets,” read the WhaleStats tweet.

Dogecoin has been seeing an increase in transaction activity for the past month. Dogecoin whales have been conducting more transactions in the meme currency between December and January. On January 11, whale addresses transferred 407.4 million Dogecoin, including the Robinhood app wallet.

Other meme coins don’t work well

The hype surrounding meme coins has dropped significantly in recent months. None of the meme coins is in the top ten largest cryptocurrencies by market capitalization. While Dogecoin has tried to make a bull run, it is still at 79% of its all-time high.

On the other hand, Shiba Inu has also made a notable decline. The second largest meme coin is currently ranked 14th among the largest cryptocurrencies with a market capitalization of around $ 15.7 billion. SHIB made a major bullish rally in October and hit an all-time high. However, since then, the cryptocurrency has fallen by around 66.8%.

The other popular meme coin is Floki Inu (FLOKI / USD), and it has been on a notable downward trend, as has the rest of the market. The meme coin is 79% below its record highs. Additionally, the publicity it initially created through its rigorous antique marketing is also on the decline.

Meme coins generally get most of their profit from the hype in the market. This hype generally increases when the broader crypto market is on a bullish rally, and currently, the market has yet to rally strongly. The price action these meme coins could take in the short term is uncertain, but if buyers return to the market, it could create profits towards an ATH.

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Dogecoin gains 5.30% to rank as the most purchased cryptocurrency by whales

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