Popular meme coin Dogecoin or DOGE, has become the biggest gainer on the weekly index among the top 10 largest assets by market cap. Data from coinmarketcap shows the asset is currently exchanging hands at $0.078, up by 30% in the last 7 days.
The tenth-largest cryptocurrency with a market capitalization of $10.2 billion, is now moved ahead of Polkadot [DOT].
The recent price rally comes after Musk reiterated several times expressing his support for the coin despite the prolonged downturn in the broader market.
In a meeting at the Qatar Economic Forum in Doha, Musk told Bloomberg, “many individuals who are not that well off have urged me to purchase and support Dogecoin. I’m answering those individuals”.
Elon Musk continues to be a staunch proponent of Dogecoin. Back in May 2021, the meme cryptocurrency ascended to all-time highs of $0.76 thanks to Musk’s appearance on “Saturday Night Live.”
Coming to its on-chain indicators, as per IntoTheBlock data, Doge whales, has been on a steady rise as large transactions increased by nearly 45% in the span of just 24 hours.
Dogecoin’s On-chain Performance Has Been Impressive
Typically a surge in the large transactions is attributed to increased activity from whales either buying or selling, and that transaction is usually more than $100,000.
The increased whale activity comes after a staggering 600 million of these coins were transferred to Robinhood in four separate transactions.
With regards to its real-world utility, Dogecoin gained immense popularity during the Russia-Ukraine war, as the token was accepted by Ukraine for donations.
That said, investors must always exercise caution as rallies don’t signify that the worst is over for cryptos, market experts caution. It’s even harder to tell if the current rebound is a dead cat bounce or a bear rally.
In a recent interview, Ipek Ozkardeskaya, senior analyst at Swissquote Bank stated,
“What we are seeing right now could actually be another dead cat bounce or short-covering as investors are actually preparing for the earnings season.”