Dogecoin amongst the most traded cryptocurrency under top 100 ETH whales – Can it drive DOGE price?

  • DOGE and SHIB record massive gains in the last 24 hours. 
  • The memecoins have also welcomed bullish announcements in their ecosystems. 

Memecoins have continued to enjoy the limelight in the crypto market. Dogecoin (DOGE) and Shiba Inu (SHIB), the market-leading dog-themed memecoins, have exploded in trading activity in recent times even as prices soared.

DOGE has been part of the crypto coins enjoying the market price spike over the last week. The market-leading dog-themed memecoin gained a staggering 13 percent profits to reach an intraday high of $0.089 in the last week.

Per data from CoinMarketCap, SHIB recorded a massive 20% uptick in the last 24 hours and 38.7% in the weekly chart. The 13th-ranked cryptocurrency by market capitalization is currently trading at around $0.000012.

SHIB also continues to enjoy a massive push from the biggest Ethereum whales tracked by WhaleStats. The whale transactions data aggregator shows that SHIB is both the biggest token position and most traded token of the 100 largest ETH whale wallets.

Similarly, Nansen’s data shows that SHIB’s trading activity does not exclude retail investors. The crypto market intelligence platform reports that nearly $1.1 billion in SHIB has traded hands between Jan. 17 and Jan. 18 on decentralized exchanges (DEXs).

What is driving the SHIB and DOGE price surge?

The excitement in the SHIB market is not unrelated to the recent unveiling of details of its upcoming layer 2 protocol, Shibarium. Shiba Inu developers wrote in a blog post that the scaling solution will have a dedicated SHIB burning portal.

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The post also revealed that there is no date yet for the mainnet launch of Shibarium. However, the team is putting finishing touches to Shibarium Beta, a planned public testnet of the protocol. It adds that there is not yet any transaction per second (TPS) estimates for Shibarium.

Meanwhile, recent revelations in the DOGE ecosystem show that the Dogecoin blockchain has significantly reduced its carbon footprint. According to a Forex Suggest report, Dogecoin saw a 25% decrease in its annual CO2 emission in 2022.

The blockchain emitted 1,063 tons of CO2 in 2022 compared to 1,423 emitted in 2021. This is in part due to the Dogecoin Foundation’s collaboration with Elon Musk to make the network more sustainable.

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The report notes that about 5,313 trees will need to be planted to offset the emission. However, this is down from the 7,117 trees needed to erase the pollution caused in 2021.

Notably, DOGE and SHIB have not been the only memecoins making a splash in the market of recent. BONK, a new Shiba-Inu-dog-themed token in the Solana ecosystem, is up 796% year-to-date (YTD). The memecoin is however losing steam in the market. It is down 41.5% in the last two weeks, presently trading at $0.00000013.

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About Author

Abigal .V. is a cryptocurrency writer with over 4-years of writing experience. She focuses on news writing and is skilled in sourcing hot topics. She’s a fan of cryptocurrencies and NFTs.

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