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Picture of a Dogecoin next to a market chart

Dogecoin Remains A Whale Favorite Despite Downtrend

Best Owie
by Best Owie
3 years ago
·
Posted in Dogecoin
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Dogecoin looked to have taken a backseat to rival Shiba Inu after the latter had rallied to new highs in recent months. Dogecoin itself had not seen much of an upward movement despite meme coins still being incredibly popular among investors. This had made it look like investors had moved on from the OG meme coin but data suggests that this is not the case.

BSC Whales Are Bullish On Dogecoin

Whales started to move into meme coins due to their high returns on investments. This has been the case for the meme coin space. Dogecoin had somewhat faded into the background with all the shiny new projects debuting in the space. However, Dogecoin has remained a favorite for BSC whale investors. For the meme coin, whale investor holdings are valued at $200 million.

Related Reading | No Meme Coins In The Crypto Top 10 For The First Time In Almost A Year

Whale investors have continued to favor the asset despite its recent downtrend. Even at current prices, Dogecoin is still significantly higher than it was at the beginning of the year. Data from WhaleStats shows that BSC investors are still bullish on the asset. The service which analyzes the holdings across BNB addresses showed that BSC whale investors continue to hold a large portion of Doge. It puts the total at over 2% of all BSC whale holdings are in Dogecoin.

Dogecoin price chart from TradingView.com

Doge trending low | Source: DOGEUSD on TradingView.com

Dogecoin placed 8th on the list of most popular coins across these whale investors. The downtrend which has seen Doge lose over 60% of its all-time high value has greatly affected this number. Nonetheless, BSC whales look to be holding out hope for the meme coin.

Record Revenue Milestone

Dogecoin hit a record revenue milestone in November. Data shows that on November 13, the total miner revenue for Doge had crossed the $1 billion market. Although the meme coin does not bring in as much as bitcoin or ethereum mining, miners are still making significant revenue from mining the altcoin.

Related Reading | Shiba Inu (SHIB) Gearing Up To Launch Its First Multi-Platform Game

Mining activities for Dogecoin had ramped up this year following the growth of the digital asset. Miner revenue had previously peaked in May during the height of the first bull market. Since then, miner revenue had been on a steady uptrend, but the volume had picked up significantly last month. This upward trend had inevitably led to a new revenue high for Dogecoin miners.

Chart showing Dogecoin miner revenue

Doge miner revenue hits new high | Source: Coin Metrics

The cryptocurrency still remains one of the largest in the world by market cap. It recently got kicked out of the top 10 but has religiously held the 11th position since then with a current market cap of $22.8 billion.

Featured image from Daily Express, chart from TradingView.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Best Owie

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Best Owie is a Managing Editor at Bitcoinist with extensive experience and a proficient expert known for crafting captivating and insightful content. Best boasts over six years in the crypto sector, and has supervised the conception and publication of thousands of articles. Best is also a content and marketing strategist with the ability to make sure your content reaches the right audience and beyond. In every aspect, Best stands out as a consummate professional, always striving for unparalleled excellence both within and outside the workplace.

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