The largest meme coin by daily traded volume and growth prospects, Dogecoin (DOGE), has significantly outperformed most of the top digital assets in the past few weeks. Having been in existence since December 6th, 2013, and heavily bolstered by Elon Musk, Dogecoin has gained popularity amongst both novice and whale traders.
The crypto asset recently gained fresh momentum after its “godfather”, Musk, acquired Twitter Inc. for a whopping $44 billion. According to our latest crypto price oracles, Dogecoin more than doubled in value after Musk completed the Twitter acquisition.
“Trading dogecoin around Elon tweets has become a lucrative form of speculation,” said Matthew Dibb, chief operating officer of Singapore-based crypto investment manager Stack Funds.
Notably, DOGE is exchanging around $0.094 on Tuesday, December 13, up approximately 6 percent in the past 24 hours. The Dogecoin ecosystem enjoys a market capitalization of roughly $11,979,115,515, with most of its volume – $548,856,466 in the past 24 hours – coming from decentralized exchanges.
Dogecoin Price Steals the Show as Crypto Winter Continues
Dogecoin (DOGE) has regained whale’s interest in the past 24 hours, particularly on the Binance Smart Chain (BSC). According to aggregate data from WhaleStats, DOGE is back on the top 10 digital assets purchased by the 100 biggest BSC whales in the last 24 hours.
As a mainly speculative digital asset, Dogecoin has gained attention from whales due to its prospects to be integrated with the everything app by Musk. Recently, Musk provided crucial data on Twitter with forward-looking statements. Evidently, the documents revealed that Twitter has yet to assign its designated payment system.
As such, retail traders with deep pockets have increased their bets on Dogecoin prices in the coming years. Furthermore, on-chain data shows Dogecoin has approximately 5,133,549 holders.
As a proof-of-work (PoW) secured network, Dogecoin has a total hash rate of approximately 599.02 (TH/s) with a difficulty of 8.9 million.
In comparison, Bitcoin – the largest PoW digital asset – has a hash rate of 241.46 Exahashes/s and a mining difficulty of 34,244,331,613,176.
From a technical standpoint, the Dogecoin price is trapped between bulls’ and bears’ tug of war. The instrument recently broke out of a multi-week downtrend, which began last year. Should Musk integrate his everything app with Dogecoin for payment, the rising momentum could spike as 2023 draws closer.
Nevertheless, such a much could be invalidated should the whales short the instrument significantly. As such, the Dogecoin price could retest the $0.073 support level.
Wrapping Up
While the cryptocurrency market has not fully recovered from the FTX and Alameda’s implosion, Dogecoin investors can rest assured of solid support between $0.05 and $0.06. Nevertheless, Dogecoin’s supply, which is to the roof compared to other top cryptos, continues to suppress its underlying value significantly.
Adding Dogecoin to your portfolio in 2023 could be prudent. Furthermore, why not include a meme coin that has gained over 108310.3 percent in the past seven years?
Source: https://coinpedia.org/altcoin/heres-why-dogecoin-doge-is-the-current-top-choice-for-the-crypto-whales/