Over the past week, the overall value of the cryptocurrency market has steadied at approximately $2.6 trillion, with Bitcoin holding strong above $67,000. Meanwhile, Dogecoin has seen a slight decline of around 4 percent, trading at roughly $0.1595 during Friday's London session.

Despite the emergence of new meme coins, Dogecoin remains a dominant figure with a market cap of about $23 billion and a daily trading volume of around $1 billion. It boasts a strong community base, with over 7.3 million holders and 334 million transactions recorded on its network.

Recent on-chain data reveals that Dogecoin whales have been actively buying, acquiring over 700 million DOGE units worth around $112 million in the past three days alone. This surge in whale activity has coincided with an increase in overall on-chain transactions.

Dogecoin's future seems promising, especially with anticipation of support from Elon Musk's X platform, which has been gaining regulatory approval across several American states. Musk's integration of Dogecoin payments with SpaceX hints at broader adoption on the X platform in the near future.

Despite facing resistance around $0.22, Dogecoin remains in its third major bull market since its inception. Currently experiencing a market correction, its price has fluctuated between $0.14 and $0.17 since mid-April, awaiting clearer signals from Bitcoin and Ethereum for its next move.