Dogecoin (DOGE) Flooded with Whale Trading Activity

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The leading Japanese guard dog themed memecurrency Dogecoin (DOGE) experienced a major influx of new whales on the Binance Smart Chain (BSC) today, as the headlines are mainly focused on the infamous Sam Bankman-Fried’s arrest in the Bahamas. The corrupt founder of FTX sparked rumors around Crypto Twitter, which led to bullish signals for Bankman-Fried’s arch nemesis, the largest crypto exchange Binance and its CEO CZ.

Thus, the TOP 4,000 Whales on BSC took an interest in DOGE at around $0.087. The weekly price plunge of 11.7% for DOGE served as a wake-up call to the BSC Whales, as DOGE entered the TOP 10 most accumulated crypto assets, along with the blockchain’s native BNB (BNB).

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JUST IN: $STI @SeekTiger one of the MOST USED smart contracts among top 4000 #BSC whales in the last 24hrsWe've also got $DOGE, $GYMNET, $DOME & $BNB on the list Whale leaderboard: https://t.co/CnPsLVmRmh#STI #whalestats #babywhale #BBW pic.twitter.com/ysbj4eq0x6

— WhaleStats - the top 1000 BSC richlist (@WhaleStatsBSC) December 12, 2022

DOGE’s Star Shines Bright on Coinbase (NASDAQ:COIN)

Over 38 transactions worth $1 million in hours indicate heavy crypto investors choose the canine coin for a long-term investment. However, the largest transactions seen today tower above, as four of them, each worth around $14.5 million, were made in Coinbase-related transfers. Totaling a colossal $58 million, the funds were sent to a Coinbase Pro wallet.

At press time, $14.5 million is worth 170430757 DOGE. Furthermore, Coinbase users are eying DOGE for the price below the key resistance level of $0.09, as seen in the 24-hour trading stats.

Crypto enthusiasts on Coinbase pressed DOGE’s accelerator and opened the throttle, as the buying sentiment is at 93%, compared to the 7% that choose to sell their memecurrency assets. Besides, Twitter 2.0, with CEO Elon Musk contemplating on Tesla (NASDAQ:TSLA) Phone and Crypto Twitter Wallet, heavily contributed to the intense buying spree.

The 8th-ranked, second-largest Proof of Work (PoW) blockchain, is enjoying more social mentions than ever.

$53 Milyon değerinde #Dogecoin 4 ayrı cüzdandan aynı anda hareket ederek Coinbase Pro cüzdanına gönderildi. '' Doge'ler 2021 yılında Coinbase listelemesiyle 4 ayrı cüzdana bölünmüş. Çok muhtemel Coinbase'ye ait.*Eylül'den sonra cüzdanlara Doge hiç eklenmemiş. '' pic.twitter.com/xTIq2s0nqk

— anıl (@anlcnc1) December 12, 2022

DOGE’s Rebound Efforts

At press time, Elon Musk’s beloved DOGE is changing hands at $0.090092, according to CoinGecko. The 1.2% spike since the BSC Whale transactions gave more confidence to crypto analysts and the light-hearted DOGE Army. For instance, YouTuber, crypto investor, and technical analyst Myles G investments didn’t even bother with charts and said: “#dogecoin is about to pop this week. Thank me later.”

#dogecoin is about to pop this week. Thank me later.

— Myles G Investments (@MylesGinvest) December 12, 2022

On the Flipside

• The top dog memecoin lost an eye-watering $1.5bn to the crypto bears since last week.
• In the last seven days, Dogecoin’s (DOGE) total market capitalization went from $13.85bn to $12.35bn.

Why You Should Care

Whale activity often suggests the level of trust the largest investors have in the asset.

Dig deeper into the mercurial world of memecoins:

Dogecoin (DOGE) Under Attack by Jim Cramer, Crypto Twitter Strikes Back

Shiba Inu (SHIB) Contested by Baby Doge Coin (BABYDOGE) – Here’s How

See original on DailyCoin