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Dogecoin Catches Whales' Interest, DOGE Is in Top 10 by Trading Volume

Sun, 08/28/2022 - 14:15
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Gamza Khanzadaev
DOGE trading volume increases due to this group of investors' high interest
Dogecoin Catches Whales' Interest, DOGE Is in Top 10 by Trading Volume
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As reported by WhaleStats, a portal that tracks the actions of major cryptocurrency holders referred to as whales, Dogecoin has become one of the most traded assets by this group of investors over the past 24 hours. Thus, DOGE has gained the most momentum among the top 500 holders of BNB. It is also interesting and quite logical that the BNB whales buy wrapped DOGE, the so-called Binance-peg.

JUST IN: $DOGE @dogecoin now on top 10 by trading volume among 500 biggest #BSC whales in the last 24hrs 🐳

Peep the top 100 whales here:

(and hodl $BBW to see data for the top 500!)#DOGE #whalestats #babywhale #BBW

— WhaleStats - the top 1000 BSC richlist (@WhaleStatsBSC) August 28, 2022

If we turn to a sample of the top 100 BNB wallets, we will know that Dogecoin is the 13th on the list of the most held assets. According to WhaleStats, the average position size of a BNB whale in DOGE is 906,368 coins, which is equivalent to $57,650.

The most popular cryptocurrencies among this group of investors are BNB with an average size of 12,853 and BUSD, in which the top 100 whales have positions measured in millions of dollars.

Dogecoin (DOGE) price review

Perhaps the price of DOGE induced investors to make purchases, but whether it is low enough now is a matter of debate.

Dogecoin has been trading below $0.07 per coin all last week, which is comparable to levels in the spring of 2021. Looking at the daily and weekly charts of DOGE quotes, you can see that the asset is moving within a wide price corridor of $0.04-$0.08. At the same time, the price is not even higher than the strong internal level of $0.07.

Source: TradingView

In such a case, we may expect a fall to the lower border of the range as well as a breakthrough and fixation above $0.07. Regardless, it is better not to rush with purchases now, but to monitor the crypto market situation.

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About the author

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.