Dogecoin (DOGE) Flips Toncoin (TON) Following an Overall Meme Coin Revival

TL;DR

• Dogecoin (DOGE) surged 8%, surpassing $0.16 and briefly reaching a market cap of $24 billion, making it the ninth-largest cryptocurrency.
• Key DOGE metrics, such as daily transaction volume and active addresses, have increased, with whales holding 63% of its supply and 86% of holders in profit.

DOGE Climbs the Crypto Ladder

The last several hours have been more than eventful for the digital asset industry, with the global crypto market capitalization soaring to $2.75 trillion (according to CoinGecko’s data). Numerous leading cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Polkadot (DOT), Avalanche (AVAX), and many more, surged to multi-month highs amid reemerged hopes of the US SEC approving Ethereum ETFs as early as this week.

The meme coin sector also experienced a substantial boost, with Dogecoin (DOGE), Shiba Inu (SHIB), Pepe (PEPE), Bonk Inu (BONK), and others being well in the green.

The biggest asset of that type – DOGE – is up 8% daily, exceeding the $0.16 mark. Its market capitalization briefly spiked to $24 billion before slightly retracing to its current level of $23.6 billion. 

Following the latest resurgence, DOGE surpassed Toncoin (TON) and is now the ninth-largest cryptocurrency. Ripple’s XRP is placed eighth with a market cap of $29.8 billion.

DOGE Metrics on the Rise

Important indicators related to Dogecoin’s ecosystem have also headed north. According to IntoTheBlock, aggregated daily volume, where each transaction exceeds $100,000, surpassed the $1.5 billion mark, representing a 31% increase compared to the figure observed the day before. The number of daily active addresses witnessed an uptick, too, albeit in a more modest fashion.

Whales currently hold around 63% of DOGE’s circulating supply, while 86% of all holders of the asset are sitting on paper profits. The situation was less optimistic in September last year, when the entire meme coin sector was in a bearish mode, with over 50% of Dogecoin investors being underwater. 

There are numerous analysts who believe DOGE’s rally is yet to reach impressive dimensions. Earlier this month, the X user Rekt Capital argued that the token “flipped a multi-year resistance into new support,” resulting in a “new macro uptrend.”

A “macro uptrend” in the cryptocurrency market is characterized by a sustained increase in the value of digital assets over an extended period, typically spanning months or years. It often coincides with favorable market sentiment, renewed investor confidence, and rising adoption levels.