Dogecoin Whale Transactions Increase By 45% As Buying Pressure Increases

Data from IntoTheBlock indicates that Dogecoin whales, or large holders, are on the move because the number of large transactions rose by over 45 percent during the past day.

A transaction is often more than $100,000, and large transaction spikes are sometimes associated with increased activity from whales who are either buying or selling.

Following the massive transfer of 600 million Dogecoins to Robinhood over the course of four different transactions. The largest of these, according to the Dogewhale warning, had 299,000,000 DOGE transferred, while the others each had 100,000,000 DOGE transferred.

Dogecoin is among the top ten assets among the top 100 BSC whales

Among the top 1,000 and 4,000 BSC whales over the past 24 hours, DOGE also ranks as one of the most often deployed smart contracts.

Elon Musk, the CEO of Tesla, repeated his support for DOGE earlier in the week and provided one justification for his stance. Musk spoke with Bloomberg during the Qatar Economic Forum in Doha and said:

“I’ve been urged to purchase and promote DOGE by a lot of folks who aren’t particularly affluent. I’m replying to those individuals.”

Elon Musk is still a fervent supporter of DOGE. Musk’s performance on “Saturday Night Live” in May 2021 coincided with the meme cryptocurrency’s rise to all-time highs of $0.76. DOGE is still 90.97% behind its all-time high at the current pricing. In terms of market capitalization, DOGE is ranked 10th among cryptocurrencies.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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