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Dogecoin Trading Volumes Spike Amid Whales' Utility: Details

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Thu, 04/28/2022 - 10:43
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Tomiwabold Olajide
Dogecoin is now in the top 10 by trading volume among the 2,000 biggest BSC whales
Dogecoin Trading Volumes Spike Amid Whales' Utility: Details
Cover image via stock.adobe.com

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According to WhaleStats, Dogecoin is now in the top 10 by trading volume among the 2,000 biggest BSC whales in the last 24 hours. Dogecoin trading volumes have supposedly risen amid a spike in whales' utility. As previously covered, data from IntoTheBlock reported a rise in the volume of on-chain Dogecoin transactions greater than $100,000, as the total worth soared to highs of $2.59 billion on April 25.

Cryptoanalyst Ali Martinez counts 2,400 large transactions, representing a four-month high. He notes that ''such market behavior can act as a proxy for whales' activity, suggesting how they may be positioning for a big price move.''

Dogecoin went on a massive rally last Monday after Tesla CEO Elon Musk finalized his controversial $44 billion buyout deal with Twitter.

This might be because Dogecoin is expected to play a prominent role on Twitter. The Tesla CEO already proposed the idea of letting Twitter Blue subscribers pay with the help of Dogecoin. While commenting on Dogecoin's utility, Musk claimed that making it possible to send tips with the help of DOGE would be "nice."

Dogecoin presently trades at $0.14 after declining from highs of $0.166 on April 25. Dogecoin tumbled on April 26, completely reversing Elon Musk-driven gains and presently down 3.01% in the last 24 hours.

In the past week, Dogecoin marked a historic moment as the first Dogecoin transaction was sent without the internet via Starlink. RadioDoge focuses on using low-cost radio technology (HF/LoRaWAN), combined with the global Starlink satellite network to provide cheap, wide-scale access to Dogecoin for individuals who live outside the reach of regular internet infrastructure. This will allow Dogecoin to be able to perform transactions without the use of the internet.

The Dogecoin team continues its groundwork for RadioDoge, as well as many future projects, using the first phase of Libdogecoin, a building block for creating Dogecoin projects.

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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.