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  • 14 Oct 24

The Dogecoin phenomenon: once again about the rapid development of this memecoin

We tell you not only about the arrival of institutional investors in this memecoin, but also explain why this is happening.

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Let's start with the hot fact of the day: whales bought 1,000,000,000,000 DOGE ($109 million) in the last 24 hours - reports Santiment.

Given the scale of current Dogecoin transactions, the current cohort of investors in this memecoin can be categorized as whales and institutional players. Whales are defined as entities (individuals and organizations) that own significant amounts of a particular cryptocurrency and, as a result, have a significant impact on market dynamics.

According to the expert, the number of large Dogecoin transactions is steadily increasing. A surge in large transactions often indicates that institutional players and “whales” are either hoarding funds in anticipation of rising prices or distributing their assets.


To better understand the logic behind this development, recall that according to a new investigation from Bloomberg, Dogecoin has become an active and successful offline player.


So Bloomberg reports that according to their data, Dogecoin has become very popular among merchants to pay for purchases - the number of outlets open to accept this memecoin is growing faster than any other altcoin/memecoin.


In their recent show, both billionaires, Elon Musk and Mark Cuban, agreed that Dogecoin is no longer a joke. Bloomberg also confirms, the project is very firmly on its feet, growing its business offline. Unlike other memecoins, which have gotten into speculation only, DOGE is building its ecosystem and is actively getting into the real economy and offline.

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