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Dogecoin (DOGE/USD) has been making a recovery that has coincided with the recovery across the broader cryptocurrency market. The meme coin is currently on a bullish rally, and during the past 24 hours, it has gained by around 7%, enabling it to recover some of the losses made.
Dogecoin is currently the largest meme coin, with around $20.4 billion market capitalisation. The meme coin came into the limelight after being endorsed by the CEO of Tesla, Elon Musk.
Dogecoin is a favourite among whales
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At the time of writing, Dogecoin was trading at around $0.154. A recent tweet by WhaleStats noted that Dogecoin has reclaimed its position among the top ten cryptocurrencies bought by whale addresses.
“@dogecoin back on top 10 purchased tokens by 1000 biggest BSC wallets,” the tweet by WhaleStats read.
Dogecoin has been recording an increase in transaction activity over the past month. Dogecoin whales have been transacting more in the meme coin between December and January. On January 11, whale addresses transferred 407.4 million Dogecoin, including the Robinhood app wallet.
Other meme coins are not performing well
The hype surrounding meme coins has died down significantly over the past few months. None of the meme coins is among the top ten largest cryptocurrencies by market capitalisation. While Dogecoin has attempted to make a bull run, it is still around 79% away from its all-time high.
On the other hand, Shiba Inu has also made a notable decline. The second-largest meme coin is currently ranking as the 14th largest cryptocurrency with a market cap of around $15.7 billion. SHIB made a major bullish rally in October and reached a record high. However, since then, the cryptocurrency has dropped by around 66.8%.
The other popular meme coin is Floki Inu (FLOKI/USD), and it has been on a notable downtrend, just like the rest of the market. The meme coin is 79% below its record high levels. Additionally, the hype it initially created through its rigorous marketing antiques is also declining.
Meme coins usually derive most of their gains from the hype in the market. This hype usually increases when the broader crypto market is on a bullish rally, and currently, the market is yet to make a strong recovery. The price action that could be made by these meme coins in the short term is uncertain, but if buyers come back into the market, gains towards an ATH could be created.