Dogecoin Faces Buying Pressure from Whales; Large Transactions Jump 68%

Doge

Large transaction surges are typically linked to increased activity from whales

According to data from IntoTheBlock, Dogecoin whales, or large holders, have sprung into action, with large transactions increasing by 68% in the past 24 hours. Large increases in transactions are usually linked to increased activity by whales, either buying or selling, and these total over $100,000.

Per WhaleStats’ report, Dogecoin now ranks among the top 10 purchased assets among the biggest 100, 500 and 2,000 BSC whales in the last 24 hours.

As previously covered by U.Today, Dogecoin futures are set to arrive on Kraken, with trading set to begin today, June 20. At press time, DOGE was changing hands at $0.06, up 4.21% in the last 24 hours and 10.24% weekly.

Elon Musk signals “maybe more down the road” for Dogecoin after merch

Dogecoin jumped as much as 8% after Tesla CEO Elon Musk announced on Twitter that he was going to “keep supporting Dogecoin.” He also stated he was buying the meme coin.

Since April 2019, when he tweeted that Dogecoin was his favorite cryptocurrency, Musk has been Dogecoin’s most prominent cheerleader.

While responding to a tweet by Dogecoin co-creator Billy Markus, who said that he wants Dogecoin to have a reason to exist—”something beyond pump and dump.”

Musk wrote, “Tesla and SpaceX merch, maybe more down the road. In January, Dogecoin rose after Musk said it could be used to buy Tesla merchandise.

“Shibetoshi Nakamoto” also expressed his desire for the community to understand what crypto is and what the crypto market is. To that end, Tesla CEO Elon Musk replied: “More currency-like.”

As previously reported by U.Today, Elon Musk is facing a $258 billion lawsuit for promoting Dogecoin. However, Billy Marcus believes that the description of Dogecoin as a “pyramid scheme” according to the lawsuit might be wrong.

admin

Read Previous

Bitcoin price prediction: BTC forms a dead cat bounce

Read Next

Tron price prediction: TRX forms a break and retest pattern

Leave a Reply

Your email address will not be published. Required fields are marked *

Right Menu Icon