The king of coin memes, DOGE, was recently removed from the top 10 crypto list after DOT overtook it. Apparently, this altcoin is not giving up and is struggling to reclaim the 10th spot. At the time of writing, the difference between the market caps of DOT and DOGE is only $400 million.
DOGE will recovered what was lost?
Judging by the state of the market, it looks like DOGE will do that pretty soon as it’s really getting some attention from the DOGEfather. Elon Musk’s popular Tesla company has listed DOGE as a possible payment method for several products on its shop page. For example, the collector’s whistle 300 DOGE in a limited edition made of stainless steel. As people say, “If it’s not crazy, it’s not crypto.”
The whistle is worth 300 DOGE | The source: Tesla
However, this idea seems to be successful if received positively by the community. Not only is the company’s social media exploding, but the coin’s price is also rising and could break the downtrend.
Trading at $0.187 and up nearly 40%, the coin is currently hovering in a key zone and also where it has previously attempted to consolidate. But if the price can test the upper trendline as support, expect it to continue in good shape.
DOGE price campaign | The source: TradingView
While the above events acted as a catalyst, the DOGE rally was likely actually driven by the network’s bullish performance.
On-chain analysis shows us that demand has increased since early 2022. Within 10 days, the network doubled its trading activity.
DOGE Transactions | The source: Coinmetrics
Another piece of good news is that DOGE whale activity is declining. Their positive performance in December is a cause for concern as transactions reached nearly $28 billion in a single day.
This month, that number has fallen to just $1.13 billion, and investors are hoping it stays that way.
DOGE Whale Activity | The source: Into the block
As a result, these events together have helped boost the value of the 11th-ranked altcoin once again through capitalization. From this it can be concluded that DOGE proves that it continues to be a socially dependent token and yet needs a more functional platform to address bigger problems/needs in the future.
Market value DOGE | The source: Coinmetrics
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