Analysis of top 100 Dogecoin holders on BSC indicates whopping 414% rise in trading volumes
According to data from CoinMarketCap, 4 billion (4,037,300,989) DOGEs worth $243,730,387 have been traded within the past 24 hours. Investor interest in a project is often correlated with trading volume.
A decline in trading volume may suggest that investors are beginning to lose interest in and are becoming more “conservative” about investing, and vice versa, making it an important metric for Dogecoin and other cryptocurrencies.
An analysis of the top 100 Dogecoin holders on Binance Smart Chain (BSC) by WhaleStats shows a 414% increase in trading volume as well as a 10% increase in active addresses. What follows is the return of Dogecoin among the top 10 tokens bought for the 100 biggest BSC whales in the last 24 hours. Notably, large transactions, which typically refer to those above $100,000 on the Dogecoin network, were up 17% over the past 24 hours, according to IntoTheBlock data.
Time for another price move?
Although Dogecoin has lost 91.58% of its value since hitting an all-time high of $0.737 in May 2021, the fact that several traders have held onto their positions is still encouraging. According to information from the on-chain analytics tool IntoTheBlock, 66% of addresses have held Dogecoin for a year or longer. Only 4% of addresses have held Dogecoin for less than a month. This might suggest that holders are taking a long-term approach and clinging to their positions.
On September 5, Dogecoin (DOGE) rebounded once again from the $0.061 support level, although the rally lacked strength. This means that there is no active buying at current levels. Therefore Dogecoin may continue trading in range except a sustained move above $0.068 (Daily MA 50). In this case, Dogecoin could target the next resistance level at $0.091 on the chart.
On the other hand, the RSI below the 50 neutral mark indicates a slight advantage to bears. If the price turns down from the current level, Dogecoin could slide to the next support at $0.05.
At the time of publication, Dogecoin was trading at $0.061, down 1.61% over the past 24 hours.
