Popular meme coin Dogecoin, has witnessed a massive rise in large transactions in the last twenty-four hours. On-chain metrics IntoTheBlock, revealed that Dogecoin’s large transactions rose by 10% in a market that has seen major cryptos, such as Bitcoin and altcoins fall.
Large transactions are transfers that are equal or more than $100k. A rise in the metrics indicate whale and institutional influence. These metrics also offer insight into their potential investments, as witnessed severally in Bitcoin on-chain transactions data.
Dogecoin Transactions Rise on the Back of Binance’s Withdrawal
Experts attribute the large transactions to the recent news of Binance’s withdrawal portal opening after a technical bug was discovered. The news would later spur a Twitter spat between Dogecoin enthusiast Elon Musk and the CEO of Binance Changpeng Zhao.
Binance suspended withdrawals for 17 days following the discovery of a bug that was believed to have been caused by the recent update executed by Binance developers. The exchange began executing year-old transactions that were held in the platform due to low trading fees. Though not the first time an update has been carried out on the platform, devs believe that the bug found in the current version v1.14.5 was an error caused by previous upgrades.
However, what really drew the ire of Elon Musk was the statement issued by Binance in which it had asked Dogecoin users to resend all the coins received from the mishap, despite many DOGE users revealing that they received nothing. This prompted Binance to eventually suspend withdrawals.
Binance’s action was criticized by Elon Musk. The Tesla billionaire accused the exchange of inconveniencing its users and wrongly accusing them for an act that was solely caused by the platform’s devs. Musk later went ahead to brand the act as “shady”, leading to a clap back from Changpeng Zhao.
The CEO later apologised for the inconvenience, but not without sharing a link from The Guardian in which Musk recalled 12,000 cars because the company believed it had communication issues. Zhao likened his actions to Musk’s. The two CEOs later resolved their differences., with Binance developing a new Dogecoin wallet from scratch to avoid similar issue from recurring.
Zhao Gives Away $50,000 Worth of Dogecoin, BNB
As his peace offering and token of appreciation, Changpeng Zhao decided to reward users with DOGE worth $50,000 plus a custom Tesla. According to the CEO’s announcement on Twitter, users will have to participate in a contest, in which they must retweet his post, follow him, Binance, and Elon Musk on Twitter.
Users must also have a verified Binance account with a cleared KYC standard and state their reasons for choosing a prize. Binance will select a winner from each team that gives a satisfactory answer. The winner may choose to take home either the $50k worth of DOGE or BNB or a Tesla Model 3 vehicle that’s priced around $45k. The promo will end on December 13 at 11:59 UTC.
Dogecoin was created as a “joke coin” in 2013. Currently, it occupies the number 10 position as the largest crypto by market cap. Since last year, the meme coin has gained up to 6,300% according to data from CoinGecko. It owes its surge to the cheerleading skills of prominent figures, such as Elon Musk and Mark Cuban.