WhaleStats, the platform that tracks the actions of major cryptocurrency holders called whales, reveals interesting data. According to the platform, Dogecoin (DOGE) is the focus of Binance (BNB) Chain whales. Here are the details…
Binance whales focus on DOGE
As reported by WhaleStats, Dogecoin has become one of the most traded assets by this group of investors in the past 24 hours. Thus, DOGE became the asset that gained the most momentum among the top 500 owners of BNB. It also seems interesting that BNB whales bought a wrapped DOGE called Binance-peg.
https://twitter.com/WhaleStatsBSC/status/156373176344211715
Looking at the top 100 BNB wallets, Dogecoin is the thirteenth most held asset. According to WhaleStats, the average position size of a BNB whale in DOGE is 906,368 coins. This is equivalent to $57,650. The most popular cryptocurrencies among this group of investors are BNB, with an average of 12,853 coins, and BUSD, with the top 100 whales holding positions measured in millions of dollars.
Latest situation in Dogecoin price
DOGE’s price may have prompted investors to buy. But at the moment it is debatable whether the price is low enough. Dogecoin has been trading below $0.07 per coin over the past week. This is comparable to levels in the spring of 2021. If we look at the daily and weekly charts of DOGE price, we see that the asset is moving within a wide price corridor of $0.04-0.08.
Meanwhile, important developments are taking place in the Dogecoin network. According to a Blog published Monday by BluePepper Labs, Dogecoin’s first bridge to Ethereum, the “wDoge bridge” is in advanced development and is expected to be released before the end of 2022. The most secure Blockchain bridge WBTC inspired bridge will enable users to migrate DOGE from Dogecoin Blockchain to Ethereum Blockchain.
Developments in the DOGE ecosystem
According to the blog post, they will also introduce Dogecoin “Dogecoins on the Ethereum Blockchain to smart contracts. Currently, users cannot execute smart contracts on Dogecoin due to the limited scripting language. It is also unable to implement various decentralized protocols. The development phase of the bridge began in 2017. Since then, engineers have grappled with Dogecoin’s codebase. They changed the transactional compatibility with Ethereum and evaluated the opportunity cost of the project.
Bluepepper also stated that he plans to build an ecosystem on the bridge. It called on various stakeholders, including whales and stock markets, to provide liquidity. Once completed, the bridge will consist of a managing authority (DAO), a custodian to protect all DOGE used to print wDoge, and a trader to facilitate all production and burning of wDoge.
