On-Chain Activity Shows Whales Buying DOGE

Dogecoin (DOGE) is being bought by whales as investors are buying the dip, per the smart contract activity.

One of the subtle ways of measuring the amount of activity that takes place on-chain of one or more assets is through smart contract activity. Dogecoin (DOGE) has made it into the top ten most frequently utilized smart contracts on the Ethereum blockchain.

As per the information supplied, Dogecoin (DOGE) is the 7th most actively engaged smart contract on the blockchain. Dogecoin (DOGE) was ranked with Binance Smart Chain (BSC), Binance USD, and Chia Coin (XCH) at the top of the list.

Because users must acquire a particular amount of tokens or coins for them to be able to access a coin’s smart contract, increasing buying activity is frequently associated with it.

Even though data obtained from the blockchain would suggest that more people are rushing to buy Dogecoin (DOGE), market data contradicts this. Doge/USD trading pairs are losing up to 10% of their price, according to TradingView.

The positive cycle that has been driving the cryptocurrency market for quite some time has followed with quite the market crash, where the cryptocurrency market cap is now at $2.5 trillion. 

Also read: Amid Increasing Covid-19 Fears Crypto Market Cap Loses $200 Billion and Wall Street Futures Fall