Dogecoin continues to prove it is far more than just a meme. According to CoinGecko, $DOGE’s market capitalization has now grown to more than 8x the size of the entire $NFT market, highlighting just how dominant the original memecoin remains in the crypto space.
At the time of writing, Dogecoin is trading at around $0.106, down roughly 4% over the past 24 hours as the broader crypto market experiences volatility. Despite the short-term pullback, $DOGE still holds a market cap near $26 billion, massively overshadowing the struggling $NFT sector.
Fun Fact: $DOGE has over 8x the entire $NFT market cap 🐶 pic.twitter.com/ktRjPXjei4
— CoinGecko (@coingecko) May 8, 2026
Whale Activity Hits 6-Month High
Fresh on-chain data from Santiment shows massive whale activity behind Dogecoin’s recent momentum. The analytics firm revealed that $DOGE whales recorded 739 transactions worth over $100,000 within a single day, the highest whale activity level in six months.
Santiment also noted that the 149 largest wallets holding at least 100 million $DOGE now collectively control an all-time high of 108.52 billion $DOGE, worth around $11.6 billion. According to the platform, this aggressive accumulation likely played a key role in $DOGE’s recent 14% rally over the last 10 days.
On-chain analyst Ali Martinez recently pointed out that Dogecoin successfully hit its $0.117 target after breaking through a major channel resistance. Following the move, he confirmed profits had been booked, signaling that traders may now be entering a cooling phase after the breakout.
Dogecoin $DOGE hit my $0.1172 target at the top of the channel.
Profits booked. ✔️ https://t.co/u6UNRDhQeX pic.twitter.com/YEKH3I8ykC
— Ali Charts (@alicharts) May 6, 2026
$DOGE Faces Short-Term Pressure
The latest correction appears tied to broader market weakness and heavy leverage flushes across crypto. Data shows more than $13 million in $DOGE liquidations recently hit the market as crowded long positions got wiped out.
At the same time, Dogecoin futures open interest has climbed to nearly 15.3 billion $DOGE, marking a yearly high and showing that traders are still heavily positioned around the memecoin.
Meanwhile, optimism around spot Dogecoin ETFs continues to build. The three $DOGE ETF products currently manage roughly $14.3 million in assets and recently posted their first two-day inflow streak since January, signaling that institutional interest in Dogecoin may still be growing despite market turbulence.
