Memecoins are regaining some popularity amid a chaotic crypto market. Major investors are seizing the phenomenon.
The whales tear off the memecoins
The popularity of memecoins is well established within the crypto sector. While Dogecoin (DOGE) seems to be getting closer and closer to the symbolic dollar, Shiba inu (SHIB) is no exception. On the other hand, investors and holders seem to be sulking Bitcoin and Ethereum for its part, falling again, canine coins are unanimous among whales.
The phenomenon was particularly visible over the past weekend. Indeed, while most cryptocurrencies were in the red, the price of Dogecoin and Shiba inu proved extremely resilient. The two canine coins did not appear to be responsive to the crisis currently plaguing the charts, especially Dogecoin which stood out last week on an upward slope.
Enough to make whales want to diversify their crypto portfolio with these tokens. These then began to accumulate a large number of coins, driving prices up further. According to data collected by Into The Block, the number of addresses with between 100 million and 1 billion Dogecoin is said to have increased by almost 5% in the past few days. Additionally, six new whales have reportedly joined the list of major holders after shelling out more than $620 million collectively.
Dogecoin thus saw its value increase by 7%. Its price has steadily escalated, proving that its holders have no intention of reselling their coins immediately.
As for Shiba Inu, he was no stranger to this phenomenon with the same peak around September 25. This suggests that the whales not only targeted the DOGE but also wanted to ride the wave of similar memecoins.
DOGE, the next coin to change the crypto?
Apart from the fact that the success of memecoins is producing surprise within the crypto sector and that Dogecoin has caught the attention of Elon Musk, it could be that the phenomenon is far from over. Indeed, in addition to the creator of Tesla, Vitalik Buterin would have big plans for the part. After making a big splash in the industry with his Ethereum merger, the entrepreneur hopes DOGE will take over.
During the Messari Mainnet event in New York, the creator of Ethereum has recalled that the Dogecoin management team had come out in favor of a transition to proof-of-stake. Although nothing has been announced on the side of the canine coin, this change could, like The Merge, restore more interest in it and perhaps bring it closer to its goal of 1 dollar.
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Memecoins: the new must-have for crypto whales? – BeinCrypto France
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