Dogecoin (DOGE) Flooded with Whale Trading Activity

The most powerful whales on Binance Smart Chain splash over $58M on DOGE.

A blue whale flies in front of the earth surrounded by Doge coins

The leading Japanese guard dog themed memecurrency Dogecoin (DOGE) experienced a major influx of new whales on the Binance Smart Chain (BSC) today, as the headlines are mainly focused on the infamous Sam Bankman-Fried’s arrest in the Bahamas. The corrupt founder of FTX sparked rumors around Crypto Twitter, which led to bullish signals for Bankman-Fried’s arch nemesis, the largest crypto exchange Binance and its CEO CZ.

Thus, the TOP 4,000 Whales on BSC took an interest in DOGE at around $0.087. The weekly price plunge of 11.7% for DOGE served as a wake-up call to the BSC Whales, as DOGE entered the TOP 10 most accumulated crypto assets, along with the blockchain’s native BNB (BNB).

DOGE’s Star Shines Bright on Coinbase

Over 38 transactions worth $1 million in hours indicate heavy crypto investors choose the canine coin for a long-term investment. However, the largest transactions seen today tower above, as four of them, each worth around $14.5 million, were made in Coinbase-related transfers. Totaling a colossal $58 million, the funds were sent to a Coinbase Pro wallet.

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At press time, $14.5 million is worth 170430757 DOGE. Furthermore, Coinbase users are eying DOGE for the price below the key resistance level of $0.09, as seen in the 24-hour trading stats.

Crypto enthusiasts on Coinbase pressed DOGE’s accelerator and opened the throttle, as the buying sentiment is at 93%, compared to the 7% that choose to sell their memecurrency assets. Besides, Twitter 2.0, with CEO Elon Musk contemplating on Tesla Phone and Crypto Twitter Wallet, heavily contributed to the intense buying spree.

The 8th-ranked, second-largest Proof of Work (PoW) blockchain, is enjoying more social mentions than ever.

DOGE’s Rebound Efforts

At press time, Elon Musk’s beloved DOGE is changing hands at $0.090092, according to CoinGecko. The 1.2% spike since the BSC Whale transactions gave more confidence to crypto analysts and the light-hearted DOGE Army. For instance, YouTuber, crypto investor, and technical analyst Myles G investments didn’t even bother with charts and said: “#dogecoin is about to pop this week. Thank me later.”

On the Flipside

  • The top dog memecoin lost an eye-watering $1.5bn to the crypto bears since last week.
  • In the last seven days, Dogecoin’s (DOGE) total market capitalization went from $13.85bn to $12.35bn.

Why You Should Care

Whale activity often suggests the level of trust the largest investors have in the asset.

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Tadas Klimasevskis

Tadas Klimaševskis is a Lithuanian journalist at DailyCoin, specializing in covering the lighter side of the crypto industry such as memecoins and pop culture in the metaverse. He has experience as a music artist, English language teacher, and freelance writer, and uses his creative writing skills to summarize valuable information in his work. He is also a strong believer in the potential of blockchain and spends his free time listening to music, traveling, and watching basketball games.