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Dogecoin Sees Buying Power from Whales as Price Awaits Next Move

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Mon, 05/23/2022 - 13:22
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Tomiwabold Olajide
Dogecoin has returned to become one of the most actively purchased assets by BSC whales
Dogecoin Sees Buying Power from Whales as Price Awaits Next Move
Cover image via stock.adobe.com

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According to recent data from WhaleStats' official Twitter handle, Dogecoin has returned to become one of the most actively purchased assets by BSC whales as its price consolidates for a next major move. IntoTheBlock data might also suggest that Dogecoin whales have been on their toes in the previous 24 hours, with a 24% increase in large transactions.

Large transaction spikes are frequently associated with increased activity from institutional players, or whales, who are either buying or selling. These transactions exceed $100,000 in value, according to IntoTheBlock.

Likewise, the profitability of the largest meme cryptocurrency remains at 53%, after declining below 50% earlier in the month. TAG Heuer, a Swiss luxury watchmaker, recently announced that it is now accepting cryptocurrencies, "Dogecoin inclusive," as payment through a partnership with BitPay.

New Doge trading pair listed on OKX

Cryptocurrency exchange OKX has announced the listing of a new Dogecoin trading pair, DOGE/USDC, on its spot trading markets.

According to the release, spot trading for DOGE/USDC is expected to start on May 23, 2022. As seen on CoinMarketCap, Dogecoin was trading up 3.76% at $0.087 at the time of publication.

Dogecoin rose from lows of $0.082 on May 21, having met significant support at this key level, to reach highs of $0.088 today, thus setting up to mark the third consecutive day in the green. The rebound comes as Dogecoin suffered significant losses earlier in May, dipping as low as $0.065.

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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.