Smart contract activities of altcoin projects offer one of the most indirect ways of detecting the actions of a cryptocurrency taking place on the Blockchain. Especially the social volumes and on-chain activities of meme coin projects hang in the first place due to their community focus. If we take a look at Dogecoin in this case, it is the first time that the dog-themed cryptocurrency has entered the top 10 among the most actively used smart contracts on any other network. Whales are starting to gather around DOGE. Here are the details…
WhaleStats: Altcoin whales buy from the bottom
According to data from analytics firms, Dogecoin ranks seventh among the most active smart contracts in Ethereum on-chain interaction. The meme coin project shared the top with cryptocurrencies such as Binance Smart Chain, Binance USD and Chia Coin. WhaleStats tweets that whales continue to accumulate at the bottom.
Dogecoin is one of the most used smart contracts by the top 1000 BSC wallets. Whales are buying bottoms.
What does the increase in smart contract activity mean?
The use of smart contracts often means increased purchasing activity, as users need to own a certain amount of tokens or cryptocurrencies in order to use a cryptocurrency’s smart contract. Doge’s on-chain data shows more people are starting to use it, while market data shows the opposite.
cryptocoin.com As we have reported, Dogecoin lost 10% of its value on November 26. At today’s low, the Doge reached 15% during certain hours and tested the $0.1954 support. Dogecoin was last traded at these levels in September. The rise in the cryptocurrency market was also followed in DOGE’s cycle.
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