What’s Pushing Dogecoin (DOGE) Price To Rally 10% Suddenly?

What’s Pushing Dogecoin (DOGE) Price To Rally 10% Suddenly?

Crypto traders and investors have been trying to predict how the future of the dog-themed memecoin would be like this year, after Dogecoin’s (DOGE) price hit a rough patch in the preceding few months. In spite of the catastrophic market slump in 2022, the cryptocurrency has held up far better than most of the leading assets on the crypto market. Dogecoin has now begun to attract the interest of large crypto whales, which has resulted in a price increase of more than 10% over the course of the last twenty-four hours.

Dogecoin’s Massive Whale Interest

According to the data published by the crypto analytical portal WhaleStats, Dogecoin is one of the top 10 tokens that whales on Binance Smart Chain (BSC) have accumulated in the past 24 hours. The platform further tweeted that XRP, Filecoin (FIL), and Terra (Luna) were also among the few cryptocurrencies that made it to the list.

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This has propelled the altcoin’s trading volume to zoom past 300% in a day with the market capitalization also rising by 8% to $10.3 billion. Currently, DOGE ranks 9th and is the market leader for the memecoin sector.

Dogecoin (DOGE) Price Surge

Even during the first and second weeks of December 2022, the most popular token purchased by BSC whales was still the community favorite Dogecoin. This whale accumulation trend continued throughout the entirety of the month. According to the data from the first week of December, the 100 hundred largest investors on BSC held a combined total of 97 million Dogecoins in their wallets. In a similar fashion, the BSC whales had a collection of more than 80 million DOGE tokens with a value of $7.3 million during the second week of December.

It’s interesting to note that during the week leading up to Christmas in 2022, the memecoin climbed to the position of being the most traded digital asset among the top 100 BNB holders. It’s speculated that Christmas greetings from Twitter CEO Elon Musk were the cause of the unexpected increase in the trading volume, which resulted in a total of 347,240 tokens being traded at a price of $268,000.

As things stand, the Dogecoin (DOGE) price is currently being traded at $0.07751. This represents an increase of 9.6% on the day, in contrast to a gain of 7.8% during the last week as per CoinGape’s crypto market tracker.

Also Read: Nearly $12 Billion Vanishes From Binance’s Assets; What’s Going On?

Pratik has been a crypto evangelist since 2016 & been through almost all that crypto has to offer. Be it the ICO boom, bear markets of 2018, Bitcoin halving to till now – he has seen it all.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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