Dogecoin is the most popular smart contract among the top 500 BSC whales in the last 24 hours. DOGE also rank among the top 10 holdings of the top 100 BSC whales
Dogecoin Is Mostly Popular Among Top 500 BSC Whales
According to WhaleStats, DOGE is one of the most popular smart contracts among the top 500 BSC whales in the last 24 hours. The utility of whales boosted Dogecoin's trading volumes, making DOGE one of the most widely used smart contracts among the top BSC whales.
In addition, DOGE is one of the top ten holdings among the top 100 BSC whales. Recent data suggests that whales, or the cryptocurrency's largest holders, have renewed their interest in DOGE.
Volume Of Dogecoin Transactions Increase
On April 25, data from on-chain data analytics firm IntoTheBlock revealed an increase in the volume of on-chain DOGE transactions worth more than $100,000, with the total value reaching a high of $2.59 billion.
According to the on-chain analytics firm, this was the highest volume since late March, accounting for nearly 94 percent of total volume.
On Monday, the number of transactions worth at least $100,000 reached 2,440, the highest level since January 14.
“Such market behavior can act as a proxy for whales' activity, suggesting how they may be positioning for a big price move,” says cryptoanalyst Ali Martinez.
Dogecoin Is Now Among Top Ten Cryptocurrencies
According to CoinMarketCap, Dogecoin has re-entered the top ten cryptocurrencies by market capitalization, with a current value of $18.57 billion.
After erasing the majority of Elon Musk's gains, DOGE dropped out of the top ten. Last Monday, after Tesla CEO Elon Musk completed his $44 billion buyout deal with Twitter, the meme cryptocurrency experienced a massive rally.
In a more positive light, according to a recent interview, Roger Ver, one of the first Bitcoin users, believes that meme cryptocurrency is superior to the leading asset.
One of the first cryptocurrency supporters believes that the joke cryptocurrency is “cheaper and more dependable” than Bitcoin.
In fact, Ver believes that the meme crypto, like billionaire Elon Musk, has the potential to become the world's dominant currency.
What You Should Know About DOGE
- According to Google search data, worldwide searches for ‘Buy Dogecoin' increased by 392 percent on April 25th, the same day the agreement was announced, revealing that the firm would be acquired by Tesla's CEO for $44 billion at $54.20 a share.
- According to TradingView data, DOGE's massive price increase on Monday was the biggest single-day gain since October 28, 2021.
- The reason for the strong rally in Dogecoin is because Elon Musk teased DOGE as a payment method on Twitter in a tweet. He proposed using dogecoin as one of the payment methods for Twitter Blue, the site's premium subscription service.
- Aside from Dogecoin, the meme coin sector of the cryptocurrency space is seeing significant rallies, which appears to be a cheer from Dogecoin's counterpart for the successful acquisition of Twitter.
- The total market capitalization of meme coins is now around $31.7 billion, up 10% from the previous week.
- The meme coin sector's trading volume has also increased. The current volume is $8.4 billion, representing a 400% increase.
- One of Elon Musk's many businesses, Tesla, already accepts Dogecoin as a form of payment on its online store. Musk has previously expressed his support for the development and adoption of dogecoin, such as in a tweet from May 2021 in which he stated that he was working with dogecoin developers to improve system efficiency.