Dogecoin, the first meme coin in the cryptocurrency world and still ranked first in terms of market value, has not gone unnoticed with its recent rise. The dominance of the coin supported by Elon Musk has also reached 1.04%. Dogecoin dominance last reached this level in May.

The year of meme coins has been almost empty

In fact, 2024 was dull for Dogecoin. This year, when there was a meme coin craze, thousands of new yokens came to life on many networks, especially Solana. There was an unprecedented money inflow into meme coins. Many influencers even said that the crypto world was going into a meme coin supercycle. Despite all these developments, big meme coins such as Dogecoin and Shiba Inu spent 2024 relatively quietly.

DOGE, which ran from peak to peak with the support of Elon Musk in 2021 and reached its historical record of $ 0.73, is currently far behind this level. Dogecoin, which spent almost the entire year between $0.05 and $0.15, has recently gained a sharp upward momentum.

Whale demand is increasing

While the largest meme coin has risen above $0.17, whale purchases are seen as the biggest factor pushing the price up. According to on-chain data, the number of coins entering accounts that largely hold DOGE has increased from 79.5 million to 1.3 billion. This clearly shows the whale demand behind the DOGE rise.

The meme coin is trading at $0.17 at the time the news was written.