The Dogecoin (DOGE) network has experienced a significant increase in the game of whales, bags with at least 100 million units.
The pioneering dog memecoin saw its whale activity rise to 6 months, according to analytics from Saint checked by Finbold on May 1. Earlier this week, the Dogecoin network recorded the transfer of 739 DOGE for about $100,000 in one day, the highest in six months.
Additionally, Dogecoin wallets with at least 100 million DOGEs grew their wallets to 108.52 billion units, worth approximately $11.8 billion at the time of publication. Specifically, 149 Dogecoin wallets with over 100 million DOGE tokens control 70.45% of the memecoin volume in circulation as of press time.
The importance of Dogecoin and these groups has grown steadily over the past three months. Similarly, US spot DOGE exchange-traded funds (ETFs) have shown steady growth over the past three months to now have assets worth about $12.84 million, based on data from SoSoValue.
Therefore, it is safe to say that institutional investors are renewing their interest in this meme.
The price of Dogecoin is also rising on the new whale demand
Amid renewed demand for DOGE from the whales, the meme tree was closed in April for good visibility. The altcoin is up 16.48% over the past 30 days, trading at around $0.1087 on Friday. Likewise, memecoin’s market capitalization rose to about $16.9 billion.
If the Dogecoin whales continue to rally in the near future, memecoin could form a strong foundation for a multi-month bear market. However, if these big funds start to distribute their holdings, DOGE’s value may continue to bleed.
