DOGE grows into Top Traded Crypto by Whales: Reason, Musk’s tweet.

27 December 2022

in BNB

Reading Time: 3 mins read

DOGE became the top traded token among the top 100 BNB holders.
A total of 347,230 tokens were traded worth $268,000.
Although the majority were selling.

Elon Musk is often referred to as the DOGE father for his immense affection towards the meme coin. A surge in the price of the coin always meets his tweets regarding DOGE. His recent tweet on Christmas has caused Dogecoin to become the most traded token among the top hundred BNB holders. En route to this, DOGE overtook FIL, Filecoin’s token.

This rise in trading volumes follows the Christmas greetings posted by Musk. These were no ordinary greetings as they were backed by pictures of his dogs, where a Dogecoin logo is cleverly placed.

DOGE’s trading volumes saw a higher number during some weekdays during the past month. Meaning Elon’s tweet did not have a noticeable impact on the price.

DOGE and BNB Whales

Pointedly, between these top 100 BNB holders, the total numbers of tokens traded were 347,230, worth $268,000. However, a deeper analysis of data reveals that the majority of BNB whales were selling DOGE when the sales volume was five times the volume of purchases.

BNB whales hold 96.55 million DOGE, representing 1% of its total portfolio size.

DOGE Chart Analysis

Dogecoin is currently trading at $ 0.07514, with a dip of 0.73% in the last 24 hours. Its price against Bitcoin stays at 0.000004449 BTC, also down by 0.89%. Its volume saw a huge drop of 45.21% and is currently at $245 million, and its market cap stands at $9.9 billion, suffering a drop of 0.72%.

The daily chart analysis shows no signs of a possible bull run. The price is supposed to consolidate for a few days. The highlighted zone would act as a support zone; the price shall hover between 0.09009 and 0.06580. If a piece of negative news hits the market, it could drop to the 0.05468 mark before bouncing back north.

In case positive news comes, which is badly required for the whole market. The price point could breach the 0.090009 mark and go up to 0.11066. As it is a strong point of turn, breaking this point could be difficult.

Moreover, it seems to be in a state of consolidation for some time, even after breaking any barrier between north or south. A clean breakthrough for a bull run is not visible in the near future, as the whole crypto industry is going through rough times.

The whole crypto industry is suffering in 2022, and we are bearing crypto winter, saw FTX collapse, Terra ecosystem collapse, etc., which caused great deals of trouble for everyone. At this time, the industry needs positive reinforcement to counter all the negativity. Motivating investments and steps from industry leaders and governments can help the crawling market run again.

Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.