The number one Memecoin Dogecoin is showing increased activity on the network, with large investors, in particular, moving their holdings. What’s the latest on DOGE and is it perhaps hinting at a rally?
Dogecoin (DOGE) has had a subdued start to the new crypto year, with a good 30 percent gain since the beginning of the year rather below average compared to the overall market. But in general, interest in the best-known and most capitalized Memecoin remains high, as data on Dogecoin from crypto analysts Santiment show. They pointed out two interesting details via Twitter: First, so-called DOGE Whales (large investors) are highly active at the moment, with more than 500 transactions measured daily at the end of January, shifting Dogecoin worth more than $100,000 each.
Second, Santiment has also recently noted an increase in daily active Dogecoin addresses, reaching a level last seen in November 2022 at over 86,000. Optimists interpret these two factors as indications of a possible price rally for DOGE. After all, according to network indicators, Dogecoin seems to have digested the momentous crash of the crypto exchange FTX in November and is ready to take off again.
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As in the past, hopes are pinned on a possible integration of DOGE with Twitter
Tesla CEO Elon Musk, who took over Twitter in October 2022, is a big fan of Dogecoin and is also known as “Dogefather” in the crypto scene. The Financial Times recently reported that Twitter has filed applications for approval as a financial services provider in the U.S. and is already working on adding related functions to the short message service.
In the future, for example, Twitter users would also be able to receive money or transfer money among themselves. In the medium term, there is a chance that Dogecoin will also be used as a means of payment. First, however, the focus will be on fiat currencies on Twitter. Musk envisions making Twitter an app for all areas of life and thus increasing sales.
Conclusion: Dogecoin – eternal Memecoin or promising cryptocurrency?
With a market capitalization of nearly $13 billion, Dogecoin currently ranks ninth among major cryptocurrencies. What DOGE largely lacks, however, are tangible uses. Individual companies, including Elon Musk, accept DOGE as a means of payment, but Dogecoin is far from widespread adoption. Twitter could actually become a door opener for DOGE here if Musk’s visions come true. In the meantime, however, Dogecoin remains first and foremost a Memecoin that invites speculation.
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