DOGECOIN GAINS POPULARITY
Dogecoin has become quite popular among crypto whales with raising digital asset values
The cryptocurrency market is currently recovering from its recent losses and is experiencing new hopes for the future. Bitcoin is currently surging towards the US$24,000 mark. This has triggered a number of altcoins and meme coins, including Dogecoin. The increase in whale activity around Dogecoin has significantly increased its market dominance.
According to a report by analytics firm Santiment, its team has been tracking the activity of various altcoins that are gaining popularity among crypto whales due to the possible launch of the Ethereum Merge upgrade.
It is widely believed that the interest generated by the whales will lead to a significant rise in the value of Dogecoin. This indicates that the company has finally caught the attention of the investment community. If the whales continue to remain active, it will only take a few years before the largest meme coin regains its place among the top digital currencies.
In its report, the firm noted that many investors who spend over $100,000 per transaction are hoarding Dogecoin. The number of transactions involving this cryptocurrency has also increased significantly. The firm additionally noted that several other cryptocurrencies, including those based on Ethereum, are starting to gain popularity among the whales.
Due to the increasing acceptance of Dogecoin as a payment method, it has been estimated that the number of real-world uses for cryptocurrency will increase significantly. Despite its slow development, Dogecoin has been one of the most important cryptocurrencies in the market. By integrating its payment capabilities into various retailers and online platforms, it will be able to enhance the value of the cryptocurrency.
Although Dogecoin is expected to gain popularity once the market returns, it will still be faced with fierce competition from other cryptocurrencies. Its growing popularity and the increasing acceptance of its payment capabilities will help it maintain its current position.