a mysterious Binance Coin (BNB) whale, worth $1.1 million Dogecoin (DOGE) he bought. The BNB whale has made good use of the latest bottom and has added a bunch of new DOGEs to its portfolio.
According to Whalestats, who first spotted the transaction, a large Dogecoin investor, ranked 322nd on the site, increased his holdings by buying 6.3 million coins worth $1.1 million. Big investors or whales are known to make good use of periods of price drops or macro consolidation to load their favorite tokens.
Dogecoin continues to trade sideways after falling as low as $0.12 during the December 4 market massacre, trading mostly in the red since the weekend, hovering between $0.15 and $0.17. Whales, on the other hand, may see the drop as a buying opportunity as they think the price of the meme coin could rise to $0.21 in the coming days.
“A BNB whale ($1,114,337) 6,369,751 Doges he bought.”
🐋 A BNB whale just bought 6,369,751 $dog ($1,114,337 USD).
Ranked #322 on WhaleStats: https://t.co/EFMj9Q94dh
Transaction: https://t.co/42DcPuZutV#DOGE #BEP20 #BNB #whalestats
— WhaleStats – the top 1000 Ethereum richlist (@WhaleStats) December 8, 2021
Dogecoin was on everyone’s lips in the first half of 2021 after Tesla CEO Elon Musk invested in the meme coin. Musk has repeatedly tweeted about the meme token and made statements supporting it. The token also quickly gained popularity and everyone jumped on the meme coin train to get their share of the profits.
Elon Musk’s interest in Dogecoin has attracted millions of new investors to the crypto market worldwide. On May 9, 2021, Musk called himself The Dogefather in a Saturday Night Live (SNL) skit and introduced DOGE to the mainstream. Despite this, Dogecoin, which hit an all-time high (ATH) of $0.73 during the SNL skit, is down 40 percent after the show.
The price of Dogecoin has been falling for months and has yet to recover, making the biggest meme coin fail to break through the $0.30 barrier. Although Dogecoin generously rewarded early investors, it quickly bottomed out and penalized investors who bought it in May 2021. Even Musk’s numerous tweets failed to raise Doge’s price, and the meme coin is still trading at around 76 percent above its ATH.
Despite all this, Dogecoin remains the most popular meme token and is widely accepted as a worldwide payment option.
Dogecoin Price Prediction
Dogecoin has been struggling to break the $0.30 barrier for nearly seven months, testing the patience of investors. A few investors are turning to other meme tokens that reward them financially and are hesitant to invest in Doge.
But the good news is that during this week’s dip, Dogecoin is seeing an influx of capital from high-net-worth individuals. Also, buy orders have recently outstripped sell orders, signaling that a breakout may be imminent.
Given the market is showing mixed signals, it’s possible that the Doge could see another drop, but analysts think even if that happens, it will be for a short while. As the market picks up pace and Bitcoin is bullish, Dogecoin could see a spike of up to 25 percent for the first time in seven months.
At the time of writing, Dogecoin is trading at $0.17, down about 2% in 24-hour daily trading, according to data from CoinGecko.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.