Dogecoin has had positive performance for the past couple of days following the announcement that Elon Musk is now the new owner of the popular social media platform, Twitter.
As expected, the price of the meme cryptocurrency has surged considerably in the aftermath of the news, with the market experiencing a short-lived price recovery.
Following the events mentioned above, the meme coin now sees DOGE as an attractive option to hodle.
The recently released metrics from WhaleStats reveal that Dogecoin has emerged as one of the most widely utilized smart contracts among the giant 500 BSC whales over the past 24 hours.
As the whales’ activities continue to grow, the trading volume for Dogecoin has spiked significantly, pushing the popular meme token among the widely used smart contracts favored by top whales on the Binance Smart Contract (BSC) network.
Top Player, Top Holding
DOGE is also reported to be among the top 10 holdings in possession of the top 100 whales. Additionally, current metrics also suggest that Dogecoin has continued to experience renewed activity from BSC whales, and the most significant crypto holders also happen to be the same whales.
Further data provided by the on-chain data analytic platform, IntoTheBlock, shows a rise in the volume of DOGE transactions above $100,000 as the trading volume soared further to $2.59 billion on April 25.
The analytic firm also noted that the recent positive price trend is the highest volume recorded since last month. It constitutes nearly 94% of the combined volume of the previous highs.
Additionally, the transaction volume involving the value of $100,000 jumped to 2,2440 in the same period, another high recorded since the first month of the year.
According to the seasoned crypto analyst Ali Martinez, such a market pattern could represent the current whales’ activities. The whales may be waiting for the next bullish price opportunity to surface.
Moreover, Dogecoin, spurred by Elon Musk’s Twitter takeover, has suddenly found itself among the top 10 digital currencies with a colossal market capitalization, with a valuation of $18.57 billion, as disclosed by CoinMarketCap.
However, its move to the top 10 was cut short after failing to maintain the previous gains due to Tesla’s chief executive’s Twitter acquisition spillover effect. The price rally began on Monday following the confirmation of the $44 billion buyout takeover bid for Twitter.
Dogecoin Can Outperform Bitcoin
In another positive development, a long-time Bitcoin investor and promoter, Roger Ver, disclosed that the meme cryptocurrency has what it takes to displace Bitcoin as the leading digital asset in the world.
According to him, Dogecoin is more appealing to many for transaction purposes due to its fast processing time and low transaction costs compared to Bitcoin, where the price is not user-friendly. The Bitcoin fan maintains that DOGE is more suitable for the transaction than BTC.
Like Musk, Ver is confident that Dogecoin has what it takes to become a dominant digital currency.