Dogecoin Faces Buying Pressure from Whales; Large Transactions Jump 68%

According to IntoTheBlock data, Dogecoin whales, or large holders, have gotten into action as large transactions rose 68% in the last 24 hours. Large transaction surges are typically linked to increased activity from whales, who are either buying or selling, and these total more than $100,000.

Per WhaleStats’ report, Dogecoin now ranks among the top 10 purchased assets among the biggest 100, 500 and 2,000 BSC whales in the last 24 hours.

JUST IN: $DOGE @dogecoin now on top 10 purchased tokens among 2000 biggest #BSC whales in the last 24hrs ?

Peep the top 100 whales here: https://t.co/gGAxYJttsD

(and hodl $BBW to see data for the top 2000!)#DOGE #whalestats #babywhale #BBW pic.twitter.com/IY9BdCW9R4

— WhaleStats – the top 1000 BSC richlist (@WhaleStatsBSC) June 20, 2022

As previously covered by U.Today, Dogecoin futures are set to arrive on Kraken, with trading set to begin today, June 20. At the time of publication, DOGE was changing hands at $0.06, up 4.21% in the last 24 hours and 10.24% weekly.

Elon Musk signals “maybe more down the road” for Dogecoin after merch

Dogecoin jumped as much as 8% after Tesla CEO Elon Musk announced on Twitter that he was going to “keep supporting Dogecoin.” He also stated he was buying the meme coin.

Since April 2019, when he tweeted about Dogecoin being his favorite cryptocurrency, Musk has been Dogecoin’s highest-profile cheerleader.

While responding to a tweet by Dogecoin co-creator Billy Markus, who said that he wants Dogecoin to have a reason to exist—”something beyond pump and dump.”

Musk wrote, “Tesla and SpaceX merch, maybe more down the road.” In January, Dogecoin rose after Musk stated that it could be used to purchase Tesla merchandise.

“Shibetoshi Nakamoto” also expressed his desire for the community to understand what crypto is and what the crypto market is. To that end, Tesla CEO Elon Musk replied: “More currency-like.”

if dogecoin is a pyramid scheme, so is the entire cryptocurrency market, stock market, housing market, commodities market, and monetary system itself.

let’s sue alexander hamilton.

— Shibetoshi Nakamoto (@BillyM2k) June 19, 2022

As previously reported by U.Today, Elon Musk is facing a $258 billion lawsuit for promoting Dogecoin. However, Billy Markus feels that the description of Dogecoin as a “pyramid scheme” according to the lawsuit might be wrong.