Several whales have started paying attention to Dogecoin DOGE/USD during the past week, according to data released by wallet tracker WhaleStats, which tracks wallets on the Binance BNB/USD chain.
As per this popular Twitter handle that posts updates about whale activities, due to the large number of wallet owners now backing Doge, the meme coin has increased by two metrics.
WhaleStats revealed Dogecoin was in the top 10 list of digital currencies with the most active trades.
It was currently among the coins whales are most active in buying.
Similarly, another meme currency Floki Inu FLOKI/USD was also among the most actively traded coins by volume.
Meanwhile, the largest 100 whales on the BNB Chain hold $7,355,656 worth of the original canine cryptocurrency.
Created in 2013 by programmers Billy Markus and Jackson Palmer as a way to poke fun at the proliferation of altcoins, Dogecoin is a decentralized, peer-to-peer digital currency that allows users to send and receive payments online.
Also Read: Analysis: Will Binance Succumb To Crypto Market Fears?
The name and branding of Dogecoin were based on the “Doge” internet meme, which featured a Shiba Inu dog and Comic Sans text.
Despite its humble beginnings, Dogecoin gained a dedicated following and became a legitimate investment option for many people. In fact, the value of Dogecoin increased significantly over the past year, with its market capitalization reaching over $10 billion at one point.
One of the main reasons for Dogecoin’s rise in popularity was the support it received from celebrities and public figures.
For instance, Tesla TSLA CEO Elon Musk tweeted about Dogecoin on several occasions, leading to a surge in its value.
Similarly, Mark Cuban, the owner of the Dallas Mavericks, also voiced his support for Dogecoin and even allowed fans to purchase tickets to Mavericks games using the cryptocurrency.
Dogecoin gained popularity as a way to show support for charitable causes.
In 2013, the Dogecoin community raised more than $30,000 worth of Dogecoin to fund the Jamaican bobsled team’s trip to the Winter Olympics.
More recently, the Dogecoin community raised over $50,000 worth of Dogecoin to fund a clean water project in a Kenyan village.
Jim Cramer Dubs Dogecoin And Other Altcoins A Con
During his recent appearance on CNBC’s “Squawk Box,” CNBC’s Jim Cramer referred to Dogecoin as an “ain’t con.”
“The whole thing seems so bottomless that I don’t know how to fathom it,” he said.
He characterized Ripple XRP/USD, Dogecoin and Solana SOL/USD as “cons.”
Cramer, the host of CNBC’s Mad Money, was of the opinion that CNBC should not observe the fluctuations in cryptocurrency prices, asking why penny stocks do not receive the same consideration as virtual assets.
“If we think XRP is something we should be tracking … Well … we should also list Rent the Runway RENT and Stitch Fix SFIX there too.”
Earlier this week, Cramer predicted certain well-known cryptocurrencies, such as XRP and Cardano ADA/USD might crash to zero.
Read Next: Auditing Firm Mazars Group Suspends Work With Crypto Clients: Report
Photo: Unsplash
Maddy Morphosis fully embraces her role as RuPaul’s Drag Race’s first straight male cisgender contestant. The drag queen even tweeted about selling her dogecoin to pay for her appearance on the reality competition series.
‘RuPaul’s Drag Race’ released the season 14 cast list
Start your engines, Kitty Girls — a new season of RuPaul’s Drag Race premieres in January 2022. The season 14 contestants include Alyssa Hunter, Angeria Paris VanMicheals, Bosco, Daya Betty, Deja Syke, Jasmine Kennedie, Jorgeous, June Jambalaya, Kerri Colby, Kornbread “TheSnack” Jeté, Lady Camden, Maddy Morphosis, Orion Story, and Willow Pill.
Each queen has a chance to showcase their charisma, uniqueness, nerve, and talent and earn the title of “America’s Next Drag Superstar.” This season has several “firsts” for the Drag Race franchise. That includes the show’s first cisgender heterosexual male contestant named Maddy Morphosis.
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Maddy Morphosis sold her Dogecoin to pay for her appearance on ‘RuPaul’s Drag Race’
Some contestants offered insight into their preparation process before entering the bubblegum pink walls of the Werk Room. That includes Maddy Morphosis, who shared that she sold some of her cryptocurrency stock.
“Not to be too hetero on main, but I literally sold my Dogecoin to pay for part of my Drag Race package,” the drag contestant wrote on Twitter. Another contestant on the series commented, that she’s still waiting to go on a date to the Super Bowl with Maddy Morphosis, to which she replied, “when I get the $100,000 I’m gonna take you somewhere real nice, like the Red Lobster.”
Several RuPaul’s Drag Race alumni commented on the costs of competing on the series. The late Chi Chi Devayne shared that she had to use duct tape as part of her outfits because she couldn’t afford to same couture worn by other queens on the runway.
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Maddy Morphosis received backlash for being the first cisgender straight male on ‘RuPaul’s Drag Race’
As the show’s first cisgender straight drag queen, Maddy Morphsis’ inclusion in season 14 was met with criticism from many Drag Race fans. Some pointed to RuPaul’s previous verbiage toward transgender contestants who underwent gender affirmation surgery, saying, “you can take performance-enhancing drugs and still be an athlete, just not in the Olympics.”
The host later apologized for the statement, adding Jiggly Caliente to the cast of RuPaul’s Drag Race: All-Stars and Gottmik (the show’s first transgender man) to RuPaul’s Drag Race season 13. Some RuPaul’s Drag Race fans also point to the underrepresentation of drag kings in the reality series.
“I think one of the best things to come out of my casting is that it’s kicking up a lot more talk about representation in the drag scene,” Maddy Morphosis noted in a Twitter statement. “And I hope that it helps lead to more marginalized groups being showcased and represented.”
Rent the Runway, Shiba Inu and British Pubs: Investments in the Spotlight Bloomberg
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- Bitcoin bulls flex their muscle with a rebound from $40,000 to $44,000.
- A golden cross pattern in the daily chart hints at the uptrend achieving more than just listing to $48,000.
Bitcoin bulls fought tooth and nail to defend the support at $40,000 earlier this week. The largest cryptocurrency has initially corrected from highs close to $49,000 amid instability in the global stock market.
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As recovery begins, investors are lining up to take positions. Speculation is bound to increase for gains above $48,000 and to $50,000. Ethereum has posted considerable single-digit gains in the last 24 hours and is trading slightly above $3,000. Other altcoins performing incredibly well include Ripple (up 10%), Solana (up 12%), and Polkadot (up 14%). At the time of writing, BTC/USDT rate is $43,940.
Bitcoin Price Closes The Gap To $44,000
The support at $40,000 is a strong demand zone, marked in a green band on the chart. It was reinforced by the 100-day Simple Moving Average (SMA), which played a vital role in the ongoing upswing.
The largest cryptocurrency is trading at $43,850 as it closes the gap to $44,000. A daily close above this immediate barrier would validate another breakout past $45,000.
Investors should be aware of the delays likely to challenge the trip to the supply zone marked in red around $48,000. The 200-day SMA and the 50-day SMA could be hosting addresses that may want to break even as Bitcoin rises. If selling pressure increases significantly, the uptrend will slow down or halted altogether.
It is essential to realize the 50-day SMA recently crossed above the 200-day SMA, forming a golden cross pattern. Many prominent analysts regard this index as a formidable chart pattern likely to enforce an uptrend, and sometimes it marks the beginning of a bull run.
The last time a golden cross occurred was in May 2020. Its appearance was a turning point and led to the incredible bull run to $20,000 by December. Bitcoin kept the rally going, later accomplishing a new all-time high of around $64,000.
BTC/USD Daily Chart
On the other hand, buyers should proceed with caution, remembering that the MACD is still bearish on the daily chart. The 12-day EMA must cross above the 26-day EMA to ascertain the uptrend in the coming session or days.
Bitcoin Intraday Levels
Spot rate: $44,033
Trend: Bullish
Volatility: Low
Support: The 100 SMA and $40,000
Resistance: $46,000 and $48,000
Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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