Dogecoin (DOGE) whales have moved an impressive 6.93 billion coins within a 24-hour period. Data from crypto analytics platform IntoTheBlock (ITB) indicates a 2.35% increase in large transactions, suggesting a minor rebound for the coin.

Despite being the largest meme coin, Dogecoin has struggled with its lack of unique utilities, which has made it difficult to generate substantial demand. Trading at $0.1245 with a 0.33% uptick, Dogecoin's strength lies in its cohesive community and investor base. The recent surge in whale transactions shows a renewed vote of confidence in Dogecoin, potentially supporting its further growth.

This activity has helped Dogecoin maintain a position above the $0.11 support level over the past week. Although Dogecoin benefits from being a first mover in the meme coin space, it faces stiff competition from other meme coins like Shiba Inu (SHIB).

Shiba Inu, in contrast to Dogecoin, has implemented a deflationary model with a scheduled burning program and introduced a layer-2 scaling solution called Shibarium. Shibarium supports decentralized exchanges (DEXs) such as ShibaSwap, along with new game features and other services that drive demand for SHIB. This innovative approach places Shiba Inu in a strong position, potentially leading to a future where it could rival or even surpass Dogecoin.

These market dynamics and on-chain activities highlight the evolving landscape of meme coins. While Dogecoin remains dominant, the continuous development and utility offered by projects like Shiba Inu could significantly shift the meme coin hierarchy over the next decade.