After days of visiting the bottom of the cryptocurrency charts and markets, the canine meme token DOGE has made a rebound. The world’s largest meme token, DOGE, has just been listed among the most traded tokens in the cryptocurrency markets. Investors, whales’ action is also increasing on the token network.
DOGE Makes TOP 10 Trading Volume List In 24 Hours
The world’s largest meme token, DogeCoin (DOGE), is currently one of the most traded virtual currencies by a certain group of BNB whales. The report was made by a high-profile cryptocurrency whale monitoring platform, WhaleStat.
According to Whalestat, a group of large cryptocurrency holders, whales have developed an interest in the DogeCoin tokens. The whales/ holders have a large accumulation or holding of Binance Coin (BNB) in their portfolio. The group was on the list of the top 500 holders of BNB.
Possibly, the set of whales may have triggered other whales to accumulate or hold the meme token. Before the recent accumulation and whales’ action on the token network, DogeCoin ranked 13th on the trading volume list and accumulations. Following the whale action interest and action, the token has moved up on the table.
According to Whalestat, BNB whales possess 900,000 DOGE tokens, which is approximately $57,000. This group of whales also possess thousands of Binance United States Dollar (BUSD) stablecoins, which amounts to millions.
DOGE Price Analysis And Review For The Past/Outgone Week
Probably affected by the current bears and consolidation period in the cryptocurrency markets, the DOGE price has been trading low for the past seven days. The token traded below the $0.07 zone during the past seven days, similar to its trend movement in 2020.
DOGE has been moving around the $0.04 to $0.07 market price zone. A resilient support level stands at the $0.04 zone, and a very strong resistance seems unbreakable at the $0.07 zone. However, During the past two days, the token has soared tremendously, triggering the meme token to rank high in the market’s charts.
There are predictions that the token will be consolidating below the $0.07 zone for the next few weeks. If a bull rally is set in the markets, the token may break its resistance level to trade above the $0.07 zone.
According to CoinMarket Cap, DOGE trades at $0.06382, with a 1% increase in the price in the past few hours. Despite the increasing whale action, buying the token seems dangerous; holders and buyers should monitor the markets before purchase.