The king of meme coins, Dogecoin, was recently dropped from the top 10 cryptocurrencies list after Polkadot overtook it. Apparently, this altcoin doesn’t want to back down and is fighting for tenth place. This, with DOT and DOGE holding a difference of just $400 million.
Is Dogecoin Really Claimable?
Well, looking at the state of the market, it looks like Dogecoin could do that pretty soon, as it’s really getting some attention from the DOGEfather. Elon Musk’s famous Tesla company, on their store page, has shown DOGE as a possible payment method for some of its products, one of which is a valuable stainless steel collector’s whistle. 300 DOGE price.
As said, If it ain’t crazy, it ain’t crypto.
The Cyberwhistle | Source: Tesla
However, the idea seems to be succeeding in the face of backlash from the community. Not only the company’s social media is exploding, but the price of the meme coin is also going up to potentially break the eventual downtrend.
Trading at $1,991 and up almost 40%, the coin is currently hovering in the key zone where it also attempted a DOGE consolidation earlier. But if the dog can manage to test the upper trendline as support, then expect it to be in good shape on a continuation.
Dogecoin Price Action | Source: TradingView – AMBCrypto
While events have acted as a catalyst, the DOGE rally can actually be traced back to the network’s bullish performance.
On-chain analysis shows us that demand has increased since the beginning of 2022. Within 10 days, the network managed to double its trading activity.
Dogecoin Trading | Source: Coinmetrics – AMBCrypto
Another good news is Dogecoin’s dwindling whale activity. Their positive performance throughout December is a cause for concern as their transactions almost hit $28 billion in a single day.
This month, that same figure has dropped to just $1.13 billion, and investors expect it to stay that way.
Dogecoin Whale Activity | Source: Intotheblock – AMBCrypto
Thus, the combination of these breakdowns has caused the value of this altcoin to once again increase. Nearing the 1.0 mark, DOGE is proving how it continues to be a socially dependent token and it still needs a more functional platform to address larger problems/needs in the future.
Dogecoin Market Value | Source: Coinmetrics – AMBCrypto