Dogecoin Trading Volumes Spike Amid Whales’ Utility: Details
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.
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Cryptoanalyst Ali Martinez counts 2,400 large transactions, representing a 4-month high. He observes 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 a result of Dogecoin’s expected to play a significant 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 is presently down 3.01% in the last 24 hours.
In the past few days to weeks now, Dogecoin marked a remarkable moment as the first Dogecoin transaction was sent without the internet through startling.
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.
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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.
Cryptolifedigital is a cryptocurrency blogger and analyst known for providing insightful analysis and commentary on the ever-changing digital currency landscape. With a keen eye for market trends and a deep understanding of blockchain technology, Cryptolifedigital helps readers navigate the complexities of the crypto world, making informed investment decisions. Whether you’re a seasoned investor or just starting out, Cryptolifedigital’s analysis offers valuable insights into the world of cryptocurrency.
