Dogecoin Spiked on Christmas as Musk Tweets Doge Costumed Shiba

Updated on January 17, 2023 07:44 AM

Published on December 26, 2022 05:27 PM

BNB Whales drove the meme coin's trading volume up rising, reaching the highest in the week. The surge came after Musk tweeted a picture of Shiba with a Dogecoin costume.

Source: Unsplash

Dogecoin, often known as DOGE, has become the most traded token among the top 100 Binance Coin (BNB) holders, according to WhaleStats. DOGE surpassed Filecoin's token, FIL, on the road to this feat, which has been particularly popular with these investors in recent days.

Dogecoin trading volumes increased shortly after Elon Musk, the eccentric entrepreneur and new Twitter CEO, sent Christmas wishes accompanied by photos of his dogs. It appears to be nothing exceptional, yet one of them, a Shiba Inu breed, has the Dogecoin emblem on it.

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Although Musk's second mention of DOGE had no substantial influence on the token's price, trading volumes during the vacation were greater than on other weekdays in the previous month.

DOGE exchanged a total of $268,000 among the top 100 BNB holders, and a total of 347,230 tokens were moved. However, digging further into the data reveals that BNB whales were largely selling Dogecoin, despite the fact that the asset's sales volume was five times that of purchases.

BNB whales have 96.55 million DOGE in total, accounting for 1% of its overall portfolio size. This volume is comparable to $7.53 million at $0.076 per Dogecoin.

Dogecoin Price Analysis

At the time of writing, the price of Dogecoin is $0.075698 USD, with a 24-hour trading volume of $384,047,534 USD. Dogecoin has increased by 1.08% in the previous 24 hours. DOGE is currently ranked #8 on CoinMarketCap, with a market cap of $10,042,952,158 USD. The circulation supply is 132,670,764,300 DOGE coins, and the maximum supply is not known.

Source: CoinMarketCap

Also Read: How Dogecoin Works?

Dogecoin is falling again as the bears return to the price charts. After reaching a peak earlier yesterday, the price has fallen over the previous week, although the bulls have also managed to avoid negative pressure at times. However, the trend is in favour of bears today, as a price deficit has been recorded, with the price falling as low as $0.07544 in the previous 24 hours. Price declines may be predicted to continue since the hourly forecast is also pessimistic.

The DOGE/USD pair is presently trading at $0.075698, with bulls attempting to hold the price above this level. However, it is insufficient to support the price, since bears dominate the market. On the upside, heavy resistance is present around $0.0771, blocking further gains.

The 24-hour Dogecoin price analysis shows that the coin value has decreased following the bearish comeback. The bears have made a successful return effort, as the price has dropped to $0.07544 today. Despite the fact that the previous week hampered positive price movement, the DOGE/USD is down 2.09 per cent at the time of writing. The trading volume has also climbed to $3.19 billion, with a market capitalization of $10.009 billion.

The moving average (MA) value is $0.0758, which is still somewhat lower than the current price. The MACD indicator is in the negative zone, indicating more drop. The Relative Strength Index (RSI) score has also dropped to index 38.72, indicating a bearish market sentiment for DOGE today. If the support level is unable to keep up with the downward pressure, the Dogecoin price forecast predicts a negative trend in the following hours.

Source: TradingView

The 4-Hr Dogecoin price study verifies the current downward trend. The price fell steadily at the start of the trading day, after which the bulls attempted to make a return but was quickly rejected, and the price has fallen again in the previous four hours. At the same time, price oscillation has been moderate since late at night, as evidenced by the tiny size of the past two candlesticks. Furthermore, the moving average value for the four-hour price chart is currently $0.0760.

The moving average convergence divergence (MACD) indicator is still bearish, and the MACD line is below the signal line, indicating that the price may fall further. The histogram shows red bars, indicating that the coin's momentum has swung to the negative side. The relative strength index (RSI) score is also below 49.17, confirming the market's negative attitude.

Source: TradingView

Dogecoin: The Most Searched Crypto in 2022

Dogecoin, the first meme crypto asset, has remained relevant throughout the year. This is certainly related to Elon Musk's acquisition of Twitter. The entire world is aware that DOGE is Musk's favoured cryptocurrency. The asset's incorporation in Twitter has come up several times. The cryptocurrency's price spiked during this time.

Through 2022, the meme cryptocurrency saw extreme volatility. DOGE reached a high of $0.185 at the start of the year and is now trading around the $0.070 range. Furthermore, the asset hit a low of $0.04972 earlier this year.

Source: Lunarcrush

Dogecoin FAQs

What can Dogecoin be used for?

Dogecoin may be used to make payments and purchases, but it is not a cryptocurrency that can be utilized as a store of value. This is because Dogecoins may be manufactured indefinitely, making the cryptocurrency extremely inflationary by design.

Does Dogecoin have a limit?

No, Dogecoin does not have a limit, which means that there is no limit to the quantity of Dogecoin. However, there is a predetermined payment of 10,000 DOGE for each transaction block added to the Dogecoin network (more on that below).

Who is Dogecoin Millionaire?

Ans: Glauber Contessoto became a "dogecoin millionaire" in April, only 69 days after investing little more than $250,000 in DOGE in February. Contessoto talks about his experience with the meme-inspired cryptocurrency and why he is keeping all of his assets for the long run, even buying more amid falls.