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Dogecoin Reaches New Milestone in Holders, Top Whales Accumulate 324 Million DOGE

Thu, 02/10/2022 - 14:32
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Tomiwabold Olajide
Dogecoin hits new milestone in holders, top whales amass 324 million DOGE
Dogecoin Reaches New Milestone in Holders, Top Whales Accumulate 324 Million DOGE
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WhaleStats reports that Dogecoin has reached a new milestone in holders as the top 1,000 BNB wallets are now holding 324 million DOGE. On Feb. 10, the blockchain data tracker reported that Dogecoin holders had reached a count of 540,034, while the top 1,000 BNB wallets held 324,663,141 DOGE, or $51,057,103 worth.

Dogecoin also ranks among the top 10 most used smart contracts for whales, according to WhaleStats analysis.

Dogecoin price action

Dogecoin has been trading in lockstep with the broader crypto market. IntoTheBlock gives a positive correlation with Bitcoin as 0.82, which seems quite high. Its last notable change came on Jan. 14, when billionaire entrepreneur Elon Musk revealed that his electric vehicle manufacturing company, Tesla, would accept payments in DOGE. DOGE rallied to as high as $0.2148 after the Tesla news on Jan. 14 but has since dropped to near $0.15. According to IntoTheBlock, despite the recent price drop, Dogecoin's profitability is at 54%.

The price of Dogecoin rose earlier this week, with a break above $0.1594 and a high of $0.173. DOGE's price action saw a short fade after hitting this double resistance, as some bulls who entered at $0.12 booked some profits. A break over $0.16 might offer up more room, allowing for a 25% rise to $0.25 before the next barrier is reached.

Dogecoin recently scored another major "adoption" goal as U.S. Figure Skating—the national governing body for the sport of figure skating—began to accept donations in several cryptocurrencies, including Dogecoin, after partnering with the donation platform, Engiven.

At the time of writing, Dogecoin was trading at $0.159.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.