Dogecoin whales moved $12 billion in Dogecoin in one day, twice as much as ETH

Dogecoin (DOGE) has seen a sharp rise in its market capitalization ranking, and in the past 24 hours, as blockchain indicators have soared to new heights, Dogecoin whales have also reawakened. According to QKL123 data, Dogecoin has reached a high of $0.45 in the past 24 hours, and its market capitalization once exceeded $50 billion, ranking fifth, surpassing USDT.

According to BitInfoCharts, over $12 billion worth of Dogecoin was moved across the blockchain in the past day. To put that number into context, the Ethereum blockchain only processed $6 billion worth of ETH on the same day.

ETH is the world’s second-largest cryptocurrency by market capitalization, and its blockchain is the most actively developed in the world — with twice as many commits per month on GitHub as Bitcoin (BTC).

Dogecoin is a meme coin that was created as a joke in 2013 and gets most of its recognition value from the cute photo of a Shiba Inu with its logo. It has no active developers, and its own creator sold all of his coins in 2016 while unemployed.

Furthermore, in an industry that promises decentralization, Dogecoin also winks. The top address holds 28% of the coin’s total supply, while the top 11 addresses hold 46%. Tesla CEO and Dogecoin fan Elon Musk has given up on Dogecoin because of this, saying that if the top holder wants to sell most of their Dogecoin, he will fully support them in doing so.

“If the largest Dogecoin holders sold a majority of their coins this would have my full support. Concentration is the only real problem,” Musk tweeted in February, when Dogecoin was trading around $0.05.

Before Dogecoin’s resurgence due to Reddit pump and dump and Musk’s frequent voice, the coin had only reached a value of $0.01 once in its entire eight-year history. The coin suddenly surged by more than 400% in the past week to today’s high of more than $0.44, attracting a lot of attention.

According to data from analysts at Skew.com, as the price of Dogecoin soared, the number of new subscribers to the Dogecoin Reddit subreddit has grown exponentially over the past week, from hundreds to thousands per day.

The surge in Dogecoin prices has raised concerns about a potential bubble in the cryptocurrency market. David Kimberley, an analyst at British investment app Freetrade, said:

"The rise of Dogecoin is a classic example of the 'biggest fool theory'. People buy Dogecoin not because they think it has any meaning or value, but because they hope that others will rush in and drive up the price, so that they can sell it and make a quick buck." Kimberley added: "When everyone does this, the bubble will eventually burst, and if you don't exit in time, you will lose money."