It is well known that cryptocurrency whales can often change current market behavior. These whales can shift market sentiment and narratives, redefining the market itself. Nowadays, these whales have begun to show interest in Dogecoin, increasing their holdings by $1 billion in Dogecoin stocks within the past 24 hours. This development has prompted investors to explore potential reasons for Dogecoin's popularity, despite the token's recent weak performance and price trends.
Three Major Reasons Why Dogecoin is Still Valuable
1. High Visibility Across Exchanges and Wallets
Unlike other meme coins that are difficult to list and gain global attention, Dogecoin stands out. The price of Dogecoin is currently rising steadily, with whale users showing strong interest in it. With its global reputation, Dogecoin continues to lead the market, attracting a large volume of trading activity and development momentum, despite signs of a value decline in recent months.
2. Dogecoin ETF Trading Volume
Dogecoin is one of the very few cryptocurrencies selected for ETF development. Companies like Rex & Osprey, Bitwise, and Grayscale have applied for a Dogecoin ETF, thanks to its rapid popularity and growing community support. Although Dogecoin has shown weak price performance recently, this strong momentum has kept it on a solid growth path.
3. X Integration Speculation Brings Solid Liquidity and Market Support
From the beginning, Dogecoin has remained in the top ten cryptocurrencies, demonstrating its strong dominance in its field. The token continues to attract a large amount of trading activity. Its popularity is partly due to speculation that it will integrate with the X payment system in the future. However, this development cannot define the overall image of the token. Dogecoin has a strong meme coin image and a robust community that is ready to hold Dogecoin stocks, hoping it can regain its former glory.
