Dogecoin (DOGE) has once again become a favorite of Binance whales as of December 27. According to WhaleStats, DOGE was the most traded token among the top 10 BSC whales. Dogecoin whales are also accumulating well-established altcoins like ADA and LINK.
Dogecoin tops the list of BSC whales
According to WhaleStats, Dogecoin became the most traded token among the top 100 Binance Coin (BNB) whales. To reach this milestone, DOGE passed Filecoin’s FIL token, which has recently received a lot of attention from these investors. The recent buying frenzy stems from Elon Musk tweets. Meanwhile, data shows that whales flock to Dogecoin, accompanied by Musk’s post.
? JUST IN: $DOGE @dogecoin flipped $FIL for MOST TRADED token among top 100 #BSC whales
Check the top 100 whales here: https://t.co/0SYnjw0xQs
(and hodl $BBW to see data for the top 4000!)#DOGE #FIL #whalestats #babywhale #BBW pic.twitter.com/KPYGe8wiVM
— WhaleStats – the top 1000 BSC richlist (@WhaleStatsBSC) December 26, 2022
The whales’ interest in Dogecoin came after Elon Musk’s Christmas tweets. The Twitter CEO shared a festive message with images of Shiba Inu dogs. After that, there was a marked increase in the trading volume of Dogecoin. cryptocoin.comWe have included the details in this article.
Dogecoin whales are also holding these altcoin projects
Data provided by WhaleStats revealed that Dogecoin whales are also showing interest in well-established projects such as ADA and LINK. Tokens such as LYO, USDT or wETH used for DeFi transactions are at the top of the list.
Everdome, USDC, Cardano, and Chainlink are altcoin projects in the second five. The data shows that whales have been taking positions on these cryptocurrencies for some time. From a technical standpoint, the whale accumulation comes at a time when the Dogecoin price is on the decline.
Whale buys enough for 0.078 resistance?
Dogecoin has been continuing its downtrend since the first week of December. Prices reached an important support area in the last days and managed to rise even higher. Meanwhile, Bitcoin price is also spending time below the critical $17,000 resistance. Similarly, Ethereum failed to muster enough strength to surpass $1,200.
Technically, there was a bullish order block formed in the $0.075 region on Nov. 21 on the 12-hour chart. DOGE revisited this area on 16 December. It has since traded in this region. However, it has rallied 8.15% in the last week. For now, it is watching horizontally according to this time frame.
DOGE is also facing the $0.090 resistance, which coincides with the 55-day SMA. The catalysts that will trigger a price rally in Dogecoin are the more upside RSI and the thin liquidity that could hit $0.100 or 33% this week, which could create high price jumps with less volume.