Elon Musk Tweets About Dogecoin, Trading Volume Spikes

Vignesh Karunanidhi
Elon Musk Tweets About Dogecoin, Trading Volume Spikes
Source: India Today

Thanks to Elon Musk, Dogecoin (DOGE) has been receiving media attention. However, it was not always for the best reasons. DOGE’s value started to decline as Musk announced his intention to step down as CEO of Twitter recently.

The asset’s price experienced a significant decline. During this time, it was also discovered that the biggest DOGE holder was moving DOGE. However, Elon Musk’s latest tweet has had a significant impact on DOGE.

Musk recently tweeted a Merry Christmas message accompanied by images of three dogs. The first image depicts a DOGE sitting on top of another dog wearing Santa Claus attire. Even though the tweet didn’t have an effect on the price of DOGE, there has been a rise in trading volume.

Dogecoin trading volume spikes by 115%

CoinMarketCap data reveal that there has been a 115% spike in the trading volume of DOGE over the last 24 hours.

At press time, DOGE is trading at $0.07557, with a 1% drop in value over the last 24 hours. The increase in trading volume can be attributed to the increased interest among the top 100 BSC whales.

As per the data from WhaleStats, DOGE has flipped FIL for the most traded token among the top 100 BSC whales.

Dogecoin has also entered the list of the top four purchased tokens and the most used smart contracts list. DOGE accounts for 1% of the total whale holdings at press time.