Dogecoin’s (DOGE) 7% Bull Run Sparked By Whales & ‘DOGE To The Moon’ Memes

Dogecoin's DOGE 7 Bull Run Sparked By Whales and Doge To The Moon Memes

Top dog memecoin Dogecoin (DOGE) has been on a rollercoaster lately, as Elon Musk’s beloved canine crypto became the 2nd largest PoW (Proof of Work) cryptocurrency, behind only Bitcoin (BTC). Stumping many, the milestone was ambiguously met with double digit losses. However, following Ethereum’s (ETH) post-Merge developments, things seem to be looking up for Dogecoin (DOGE), with the Japanese dog-themed coin residing comfortably in the green with 7% weekly gains.

#DogecoinToTheMoon Trends on Twitter

The meme coin’s strong community support hasn’t gone unnoticed. At press time, #DogecoinToTheMoon is still trending on Twitter, with many members of the DOGE Army posting light-hearted, optimistic memes in relation to DOGE’s ongoing journey to reach the moon.

Crypto enthusiasts are having lots of fun on Twitter this Tuesday afternoon, with some citing Elon Musk’s Fate loves irony quote. In a video titled “To The Moon”, a black bandana-wearing Musk explains how Dogecoin (DOGE), the cryptocurrency that was initially created as a joke, could be idolized so much that it becomes the centerpiece of an advanced financial system. Some Dogecoin (DOGE) supporters created the amusing image of Musk, affectionately called “the Dogefather”, sitting atop a gigantic Shiba Inu dog holding a trophy.

Dogecoin’s (DOGE) Price Rebound Efforts

Dogecoin’s (DOGE) bounce back has been partly thanks to Ethereum (ETH) whales. The increased whale activity recorded in the last fortnight is highlighted in the statistics provided by crypto analysts Bonzai Trade. The data reveals that, just last week, 6 new Dogecoin (DOGE) whales scooped up more than $620 million worth of $DOGE. Ultimately, this indicates an uptrend to levels unseen since mid-June.

At press time, Dogecoin (DOGE) trades at $0.061955, according to CoinGecko. Dogecoin’s (DOGE) market price has remained solidly in the green this week, recording a slight increase of 3.2% in the last 24 hours. In weekly terms, the Japanese, safeguard, dog-themed cryptocurrency is basking in price growth of 7%, despite the claws of the unforgiving bear market.

On the Flipside

  • Despite a gainful week, Dogecoin (DOGE) is down 69.6% in yearly terms.
  • Elon Musk’s tweets on Dogecoin (DOGE) have had a lessened effect on DOGE’s market price.
  • Dogecoin (DOGE) developers have been vague about the launch date of the ecosystem’s Layer-2 solution in connection with BluePepper.

Why You Should Care

Memecoins like Dogecoin (DOGE) and Shiba Inu (SHIB) are becoming a bigger fish in the crypto sea, with Dogecoin (DOGE) becoming the second largest PoW cryptocurrency, while the Shiba Inu (SHIB) development team has worked fervently to introduce and improve an entire Web 3.0 ecosystem.

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed to be financial legal or tax advice. Trading Forex, cryptocurrencies, and CFDs poses a considerable risk of loss

Author

Tadas Klimasevskis is an author & reporter, focusing on the latest tendencies of the crypto galaxy. Tadas spends his time digging deeper into specific areas like coins such as Shiba Inu (SHIB) & Dogecoin (DOGE), music NFTs, sports NFTs, digital art, and Pop culture in Web 3.0. Tadas strongly believes in crypto as disruptive innovation and keeps an eye out for new crypto hubs being developed around the globe. His vast experience in social media lets him quickly spot what’s going on in the mercurial world of crypto and deliver stories with unique spins. He has been active in blockchain and cryptocurrencies since 2019.