Binance Whale Buys 6.3 Million Dogecoin's Worth $1.1 Million During the Dip

Binance Whale Buys 6.3 Million Dogecoin’s Worth $1.1 Million During the Dip

December 9, 2021

in Altcoins

Reading Time: 2 mins read

A mysterious and unidentified Binance whale purchased a whopping 6.3 million Dogecoin’s worth a staggering $1.1 million. The BNB whale made good use of the latest dip and added bag loads of Doge to his/her portfolio. Doge is mostly trading in red since the weekend and is hovering between the $0.15 to $0.17 mark. Whales see the slump as a buying opportunity as its price can eventually rise to $0.21 in the coming days.

WhaleStats was the first to dish out the transaction and tweeted, “A BNB whale just bought 6,369,751 $doge ($1,114,337 USD).” The whale is ranked #322 on WhaleStats and they also shared the link that leads to the transaction.

Doge was the talk of the town during the first half of 2021 after Tesla CEO Elon Musk invested in it. Musk repeatedly tweeted about the meme-token and gave out statements favoring it. The token quickly shot to fame and everyone jumped in on the bandwagon to take their share of its revenue pie.

Elon Musk’s involvement in Dogecoin added millions of new investors into the crypto market around the world. He also premiered in Saturday Night Live (SNL) skit titled The Dogefather on May 9, 2021. Nonetheless, Dogecoin which reached an all time high (ATH) of $0.73 during his SNL skit plummeted -40% after the show.

Dogecoin slipped in price and failed to recover since months now and us unable to claw past the $0.30 mark. Though Dogecoin rewarded early investors handsomely, it punished investors who purchased it in May 2021 by falling drastically. Even numerous tweets by Musk failed to lift Doge’s price and is still in the lower side from its ATH.

Nonetheless, Dogecoin is the most popular meme-token and is being widely accepted as a payment option around the world.

Dogecoin Price Prediction

Dogecoin has been struggling to climb past $0.30 since close to seven months now and is testing the patience of investors. Several investors are eyeing other meme-tokens that’s rewarding them financially and have stopped placing their bets on Doge.

However, the good news is that Dogecoin is seeing capital flow from high net worth individuals during this week’s dip. Also, the buy orders recently overtook the sell orders signaling that a breakout could be around the corner.

Considering the market is displaying mixed signals, Doge could see another dip but that could be for a brief period. When the market picks up steam and Bitcoin moves up, Dogecoin, for the first time in seven months could see a spike of upto 25%.

At the time of publishing, Dogecoin was trading at $0.17 and is down -1.19% in the 24-hours day trade.

Credit: Source link