Two Data Points Explain Why Dogecoin Is Outperforming the Crypto Market
Dogecoin (DOGE) has emerged as a standout performer among the top 100 largest crypto assets, posting double-digit gains while the majority is flashing red.
The meme coin has surged over 11% in the past week, even as the broader crypto market slipped 0.7% in the same period. The rally pushed Dogecoin to a 10-week high on Wednesday.
Dogecoin Whales Hit Record DOGE Holdings as Price Climbs 11%
According to BeInCrypto Markets data, the token was trading at $0.109 at press time, up 2.4% over the past day. Notably, on-chain activity suggests the rally may have more behind it than retail-driven hype.
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Dogecoin (DOGE) Price Performance. Source: BeInCrypto Markets
In a post on X (formerly Twitter), on-chain analytics firm Santiment reported that DOGE whales have ramped up activity to a six-month peak. The firm recorded 739 transfers of $100,000 or more in a single day.
At the same time, the 149 wallets holding 100 million DOGE or more now hold a record 108.52 billion meme coins, worth approximately $11.6 billion.
“The meme coin’s +14% price rise over the past 10 days is very likely not just a coincidence,” the firm said.
Dogecoin Whale Activity. Source: X/Santiment
The combination of record-concentrated holdings and surging large-transfer volume frames the rally as more structured than a sentiment spike. If whales continue accumulating at this pace, DOGE may find further support in the weeks ahead, especially if broader market sentiment stabilizes.
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