After the price of Dogecoin (DOGE) hit a rough patch in the past few months, crypto traders and investors have been trying to predict what the future holds for dog-themed memecoins. Despite the devastating market downturn of 2019, cryptocurrencies are far superior to most of the major assets in the crypto market. Resulted in more than 10% price increase in time.
Dogecoin’s Massive Whale Interest
by data Published by crypto analytics portal WhaleStats, Dogecoin is one of the top 10 tokens accumulated by Binance Smart Chain (BSC) whales in the last 24 hours. The platform also tweeted that XRP, Filecoin (FIL) and Terra (Luna) are among the few cryptocurrencies on the list.
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This caused the altcoin’s trading volume to surge by over 300% in a single day, while its market cap also increased by 8% to $10.3 billion. Currently, DOGE is ranked 9th on his list and is the market leader in the memecoin sector.
Just in: $DOGE @dogecoin Top 10 purchased tokens among the 500 largest tokens #BSC Whales in the last 24 hours 🐳
we also have $XRP, $FIL & $ Luna on the list 👀
Whale Leaderboard: https://t.co/f4ZJg8SIWe#DOGE #whalestats #baby whale #BBW pic.twitter.com/YCXBeGTRiN
— WhaleStats – Top 1000 BSC Rich List (@WhaleStatsBSC) January 9, 2023
Dogecoin (DOGE) Price Soars
Even between the first and second weeks of December 2022, the most popular token purchased by BSC whales was still community favorite Dogecoin. This whale accumulation trend continued throughout his month. According to data from the first week of December, BSC’s 10,000 largest investors held a total of 97 million of his Dogecoins in wallets. Similarly, BSC Whale collected his over 80 million DOGE tokens worth $7.3 million in the second week of December.
Interestingly, in the week leading up to Christmas 2022, memecoin rose to the position of the most traded digital asset among the top 100 BNB holders. It is speculated that Christmas greetings from Twitter CEO Elon Musk were responsible for the unexpected increase in trading volume, with a total of 347,240 tokens trading at a price of $268,000.
As things stand, the price of Dogecoin (DOGE) is currently trading at $0.07751. This represents a 9.6% increase for the day, as opposed to a 7.8% increase last week, according to CoinGape’s crypto market tracker.
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