Meme coins have surged in popularity, capturing the attention of investors looking for high-reward, high-risk opportunities.

Elon Musk posted an image of dogs with coins on X. However, it didn't lead to a price rally for meme coins unlike earlier times.

According to on-chain data, whale addresses—often called "Dogecoin millionaires"—have accumulated more tokens, showing their confidence in a rebound for the dog-themed meme coin.