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What is driving Dogecoin’s (DOGE) price to rally 10% Suddenly?

After Dogecoin (DOGE)’s price dropped in the past few months, investors and crypto traders have been trying to predict the future of the dog-themed cryptocurrency. Despite the market crash in 2022, the cryptocurrency has fared better than most other top assets on the crypto market. Dogecoin is now attracting the attention of large crypto whales. This has led to a price rise of over 10% in the past 24 hours.
Dogecoin’s Massive Whale Interest
WhaleStats published data showing that Dogecoin was one of the top 10 tokens whales on Binance Smart Chain have accumulated over the past 24 hours. The platform also tweeted that Terra (Luna), Filecoin (FIL), XRP and Filecoin (FIL) were among the few cryptocurrencies that made the list.

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This has allowed altcoin’s trading volume and market capitalization to grow by 8% to $10.3 million. DOGE currently ranks 9th in the market and is the market leader in the memecoin sector.

JUST IN: $DOGE @dogecoin – Top 10 Purchased Tokens Among 500 Biggest #BSC Whales in the Last 24 Hours
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There are also $XRP, $FIL and $LUNA on our list
Whale leaderboard: https://t.co/f4ZJg8SIWe#DOGE #whalestats #babywhale #BBW pic.twitter.com/YCXBeGTRiN
— WhaleStats – The top 1000 BSC richlist (@WhaleStatsBSC), January 9, 2023
Dogecoin (DOGE), Price Surge
The most popular token that BSC whales purchased was still the Dogecoin, even in the first and second week of December 2022. This whale accumulation trend continued throughout December 2022. According to data from the first week in December, the 100 largest investors on BSC had a total of 97,000,000 Dogecoins in the wallets. Similar to the BSC whales, they had a total of 80 million DOGE tokens worth $7.3 million in their wallets during the second week.
It is interesting to note the memecoin rose to the top 100 BNB holders’ most traded digital asset during the week leading to Christmas 2022. The unexpected rise in trading volume may have been due to the Christmas greetings of Elon Musk, Twitter CEO, which led to 347,240 tokens being traded at a $268,000.

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The current price of Dogecoin (DOGE), is $0.07751. This is an increase of 9.6% compared to the 7.8% gain recorded by CoinGape’s cryptocurrency market tracker.
Also read: Binance’s Assets Lose Nearly $12 Billion; What’s the Deal?

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The content presented may contain the author’s personal opinion and is subject to market conditions. Before investing in cryptocurrency, do your market research. The publication or the author are not responsible for any financial loss.

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