Dogecoin saw its whale transactions recording nearly 4-month peaks following the latest announcement by “DOGE Father” Elon Musk. Meanwhile, WhaleStats shows DOGE entered the top ten by trading volume (among the 2,000 leading BSC whales) over the past 24 hours. That came after the token’s trading volume climbed to $2.59 billion on April 25.
Dogecoin experienced a massive upside run that had it gaining approximately 27%. The rally emerged after Tesla executive Elon Musk completed the Twitter buy deal for $44 billion. Though the price declines within the next day, WhaleStats shows the volume upheld.
One reason that supported the uptrend is the expectation by the DOGE community that Twitter will incorporate DOGE payments with time. The former Dogecoin official Billy Markus thought the Twitter buy would add utility to the meme coin.
According to UToday reports, Markus pointed out three things that could see DOGE flourishing: creating an Ethereum-Dogecoin bridge, using the token for tipping, and more businesses accepting DOGE payments. That would see the original dog-coin on a widespread adoption within Web3.
Ali Martinez, a crypto analyst, noted that transactions worth more than $100,000 surpassed 2,400 on April 25 (the announcement day). He added that such development shows how whales prepare for a massive price move.
An anonymous cryptocurrency journalist Altcoin Sherpa commented about a possible DOGE rally following the announcement. Though the analysts do not expect sustained rallies for DOGE, he trusts the Musk-Twitter buy could unveil lucrative trade opportunities. He added that Dogecoin usually strengthens when retail investors start accumulating. Sherpa expects more Dogecoin accumulation plus some fascinating Elon Musk upticks in between.
While publishing this content, Dogecoin traded at $0.1405. The meme coin struggles to recover as the overall crypto space contemplates upswings following the latest slump. Meanwhile, DOGE will likely follow broad market trends.
The global cryptocurrency market cap stands at $1.81 trillion, increasing by 0.20% within the past day. Meanwhile, Bitcoin struggles under the vital $40,000 level, changing hands near $39,565.71 at this publication.