After rallying to new highs in recent months, Dogecoin seems to have taken a second seat to rival Shiba Inu. Despite the fact that joke coins are still quite popular among investors, Dogecoin has not experienced much of an increase in value. This gave the impression that investors had moved on from the original meme currency, but statistics show this is not the case.
BSC Whales Are Excited About Dogecoin
Because of the large returns on investment, whales began to move into meme currencies. This has been true for the meme coin market. With the sparkling new ventures coming into the space, Dogecoin had largely gone into the background. On the other hand, Dogecoin has remained a favorite of BSC whale investors. Whale investor holdings in the meme coin are estimated at $200 million.
Despite the asset’s recent decline, whale investors have continued to embrace it. Even at current levels, Dogecoin is still much more valuable than at the start of the year. According to WhaleStats data, BSC investors are still optimistic about the asset. According to the program that checks holdings across BNB addresses, BSC whale investors continue to control a big chunk of Doge. It amounts to more than 2% of all BSC whale holdings in Dogecoin.
Dogecoin was ranked eighth on the most popular coins among these whale investors. The slump that has seen Doge drop more than 60% of its all-time high value has significantly impacted this figure. Nonetheless, BSC whales appear to be optimistic about the meme coin.
Milestone in Revenue
In November, Dogecoin reached a new income high. According to data, on November 13, Doge’s total miner revenue surpassed the $1 billion mark. Although meme coin mining does not generate as much cash like bitcoin or Ethereum mining, miners are still earning significant money from the altcoin.
Mining for Dogecoin has increased this year as the digital asset has grown in popularity. Miner revenue earlier peaked in May, at the apex of the first bull market. Since then, miner revenue has been steadily increasing, although the volume has increased dramatically in the last month. This growing tendency has resulted in a new peak in revenue for Dogecoin miners.
By market capitalization, the cryptocurrency is still one of the largest in the world. It was recently thrown out of the top 10 but has consistently retained the 11th position with a market worth of $22.8 billion since then.
