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#DeFiLossesTop600MInApril
Important Data Point Explain Why Dogecoin Outperforms the Crypto Market
Dogecoin
DOGEUSD
appeared as one of the best performers among the top 100 cryptocurrencies, recording double-digit gains while most other assets weakened.
This meme coin surged more than 11% in the past week, while the overall crypto market declined 0.7% during the same period. This rally pushed Dogecoin to a 10-week high on Wednesday.
Whale Dogecoin Reaches Record DOGE Holdings as Price Rises 11%
According to BeInCrypto Markets data, the token was traded at $0.109 when this article was written, up 2.4% in the last 24 hours. Interestingly, on-chain activity shows that this rally is supported by factors beyond retail investor hype.
At the same time, 149 wallets, each holding at least 100 million DOGE, now hold a total record of 108.52 billion meme coins, worth approximately $11.6 billion.
“The price increase of meme coins by +14% over the past 10 days is very likely not just a coincidence,” the company explained.
The combination of record centralized holdings and a surge in high-value transfer volumes makes this rally more structured than just a temporary sentiment spike. If whales continue to accumulate at this pace, DOGE could gain additional support in the coming weeks, especially if overall market sentiment becomes more stable.