The crypto market is currently recovering and spiking new hopes for the investment community. Bitcoin has finally bounced back and is surging towards the US$24,000 range. This price rally has triggered several other meme coins and altcoins to rally, including Dogecoin. Whale activity around Dogecoin has increased dramatically, spiking Dogecoin's market dominance. Recently, Analytics firm Santiment has revealed that its team has been tracking three altcoins that become rapidly popular among crypto whales, after the price rally, driven by the probable launch announcement of the Ethereum Merge upgrade.
Now speculations are rising on whether Dogecoin will witness a sharp rise in its value as renewed whale interest definitely denotes that DOGE has finally appealed its prominence to the investment community. Now, if whales continue to dominate the market, it is only a matter of time before the largest meme coin in the market will make its way back to the top digital currencies.
According to Santiment's post, crypto investors who spent over US$100,000 per transaction, are hoarding Dogecoin tokens, and over 100 such transactions taking place on a single day. The firm also highlighted that the Ethereum-based altcoins, Polygon, and decentralized crypto exchange Uniswap are also acquiring the top priority lists on the whales' crypto wishlist.
Dogecoin has been recently accepted as a means of payment in several online and retail merchants. Even though, DOGE's growth and development have been extremely slow as an important cryptocurrency and yielded fewer real-world use cases than its fellow competitors. Integrating Dogecoin crypto payments will enhance the crypto's value and increase the number of real-world uses that the crypto has to offer.
It is inevitable that once the market returns, Dogecoin will rise, but there will be several other altcoins that will continue to pose massive threats to DOGE. The crypto can fairly make up for its lost foothold, but its growing momentum acceptance, and popularity will aid its popularity.
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