Dogecoin continues to prove it is far more than just a meme. According to CoinGecko, DOGE’s market capitalization has now grown to more than 8x the size of the entire NFT market, highlighting just how dominant the original memecoin remains in the crypto space.
At the time of writing, Dogecoin is trading at around $0.106, down roughly 4% over the past 24 hours as the broader crypto market experiences volatility. Despite the short-term pullback, DOGE still holds a market cap near $26 billion, massively overshadowing the struggling NFT sector.
Whale Activity Hits 6-Month High
Fresh on-chain data from Santiment shows massive whale activity behind Dogecoin’s recent momentum. The analytics firm revealed that DOGE whales recorded 739 transactions worth over $100,000 within a single day, the highest whale activity level in six months.
Santiment also noted that the 149 largest wallets holding at least 100 million DOGE now collectively control an all-time high of 108.52 billion DOGE, worth around $11.6 billion. According to the platform, this aggressive accumulation likely played a key role in DOGE’s recent 14% rally over the last 10 days.
On-chain analyst Ali Martinez recently pointed out that Dogecoin successfully hit its $0.117 target after breaking through a major channel resistance. Following the move, he confirmed profits had been booked, signaling that traders may now be entering a cooling phase after the breakout.
DOGE Faces Short-Term Pressure
The latest correction appears tied to broader market weakness and heavy leverage flushes across crypto. Data shows more than $13 million in DOGE liquidations recently hit the market as crowded long positions got wiped out.
At the same time, Dogecoin futures open interest has climbed to nearly 15.3 billion DOGE, marking a yearly high and showing that traders are still heavily positioned around the memecoin.
Meanwhile, optimism around spot Dogecoin ETFs continues to build. The three DOGE ETF products currently manage roughly $14.3 million in assets and recently posted their first two-day inflow streak since January, signaling that institutional interest in Dogecoin may still be growing despite market turbulence.
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