DOGE becomes Top Traded Crypto by Whales: Reason, Musks tweet.

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DOGE has become the most traded token among the top 100 BNB holders. A total of 347,230 tokens were traded worth $268,000. Although the majority were selling.

Elon Musk is often referred to as Father DOGE for his immense affection towards the meme piece. A surge in the price of the coin always meets his tweets regarding DOGE. His recent Christmas tweet made Dogecoin the most traded token among the top hundred BNB holders. On the way to that, DOGE passed FIL, Filecoins token.

This increase in trading volumes follows the Christmas greetings posted by Musk. These were no ordinary greetings as they were accompanied by photos of his dogs, where a Dogecoin logo is cleverly placed.

DOGE trading volumes have increased on certain weekdays over the past month. This means that Elons’ tweet had no noticeable impact on the price.

DOGE and BNB Whales

Notably, between these top 100 BNB holders, the total number of tokens traded was 347,230, worth $268,000. However, further analysis of the data reveals that the majority of BNB whales were selling DOGE when the volume of sales was five times the volume of purchases.

BNB Whales holds 96.55 million DOGE, which is 1% of its total portfolio size.

DOGE chart analysis

Dogecoin is currently trading at $0.07514, down 0.73% in the last 24 hours. Its price against Bitcoin remains at 0.000004449 BTC, also down 0.89%. Its volume has seen a huge decline of 45.21% and currently sits at $245 million, and its market capitalization stands at $9.9 billion, suffering a decline of 0.72%.

The daily chart analysis shows no sign of a possible bull run. The price is expected to consolidate for a few days. The highlighted area would act as a landing area; the price will fluctuate between 0.09009 and 0.06580. If negative news hits the market, it could drop to 0.05468 before bouncing north.

In case positive news comes in, which is absolutely necessary for the entire market. The price might cross the 0.090009 mark and rise to 0.11066. Since this is a strong turning point, breaking this point might be difficult.

Also, it seems to have been in a state of consolidation for quite some time, even after breaking down any barrier between north and south. A clear breakthrough for a bull run is not visible in the near future as the entire crypto industry is going through tough times.

The whole crypto industry is suffering in 2022, and we are going through the crypto winter, saw the collapse of FTX, the collapse of the Terra ecosystem, etc., which caused a lot of problems for everyone the world. Right now, the industry needs positive reinforcement to counter all the negativity. Motivating investments and action from industry leaders and governments can help the crawling market work again.

Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and away from traditional currency exchange systems. She is also intrigued by blockchain technology and how it works.

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