Crypto traders and investors have been trying to predict what the future of the dog-themed memecoin would look like this year, after the price of Dogecoin (DOGE) went through a rough patch in recent months. Despite the market’s catastrophic slump in 2022, the cryptocurrency has held up much better than most of the leading assets in the crypto market. Dogecoin is now starting to attract the interest of major crypto whales, resulting in a price increase of more than 10% over the course of the past twenty-four hours.
The huge whale interests of Dogecoin
According to the data published by crypto analytics portal WhaleStats, Dogecoin is one of the top 10 tokens collected by whales on Binance Smart Chain (BSC) in the last 24 hours. The platform further tweeted that XRP, Filecoin (FIL), and Terra (Luna) were also among the few cryptocurrencies included on the list.
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This has caused the altcoin’s trading volume to increase by more than 300% in a single day, with its market cap also increasing by 8% to $10.3 billion. Currently, DOGE ranks 9th and is the market leader for the memecoin sector.
JUST IN: $DOGE @dogecoin now in the top 10 purchased tokens of the 500 largest #BSC whales in the last 24 hours 🐳
We also have $XRP, $FIL & $LUNA on the list 👀
Whale Leaderboard: https://t.co/f4ZJg8SIWe#DOGE #whale statistics #babywhale #BBW pic.twitter.com/YCXBeGTRiN
— WhaleStats – the top 1000 BSC richlist (@WhaleStatsBSC) January 9, 2023
Dogecoin (DOGE) price increase
Even during the first and second week of December 2022, the most popular token bought by BSC whales was still the community’s favorite Dogecoin. This trend of whale accumulation continued throughout the month. According to data from the first week of December, the 100 hundred largest investors on BSC held a total of 97 million Dogecoins in their wallets. Similarly, the BSC whales had a collection of over 80 million DOGE tokens valued at $7.3 million in the second week of December.
It is interesting to note that during the week leading up to Christmas in 2022, the memecoin climbed 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 to blame for the unexpected increase in trading volume, resulting in a total of 347,240 tokens being traded 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 on the day, as opposed to a 7.8% gain over the past week according to CoinGape’s crypto market tracker.
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Pratik has been a crypto evangelist since 2016 and has experienced almost everything crypto has to offer. Be it the ICO boom, the bear markets of 2018, Bitcoin’s halving so far – he’s seen it all.
The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication is not responsible for your personal financial loss.
This post What pushes the price of Dogecoin (DOGE) to suddenly jump 10%?
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