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.
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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."
“The whole thing seems bottomless…It’s just a giant con,” @jimcramer says about #crypto. “Solana, XRP, Dogecoin, those are all cons.” pic.twitter.com/RQyP8VaMSR— Squawk Box (@SquawkCNBC) December 8, 2022
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.
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