Whales holding onto the meme-inspired cryptocurrency Dogecoin ($DOGE) have seen their activity soar around the key price level of $0.087 per token, as according to data from on-chain analytics firm Santiment 38 transactions above $1 million were made around that level.
Notably, cryptocurrency market data shows that the price of the meme-inspired cryptocurrency surged shortly after the whale transactions were made, with $DOGE now trading at $0.09 per token according to CryptoCompare.
Dogecoin is a cryptocurrency that was created in 2013, inspired by the then-popular Shiba Inu dog meme “doge.” The cryptocurrency’s blockchain has been built with underlying technology from Litecoin (LTC), a cryptocurrency often referred to as the silver to Bitcoin’s gold.
In 2021, search interest for DOGE exploded after influencers associated with the popular WallStreetBets subreddit rallied users to try to get the cryptocurrency to the $1 mark. The rally was fueled on social media, with many jumping on the DOGE bandwagon.
Part of the rally was fueled by Tesla and Space X CEO Elon Musk, who acquired Twitter earlier this year. As CryptoGlobe reported, Cardano creator Charles Hoskinson has said that the Twitter takeover could bring an additional 200 million users into the cryptocurrency space, with $DOGE potentially being used on the platform.
Earlier, Binance CEO Changpeng Zhao explained that the cryptocurrency exchange invested $500 million into Elon Musk’s Twitter buyout to “help bring Twitter into Web3 when they’re ready.”
CZ has detailed that Binance’s investment in Twitter was “put together a few months back,” and added that there are many reasons for Binance to back the deal, including that Twitter is “a free speech platform, which is global, which is extremely important.”
The exchange has since launched a ‘Bluebird Index’, which is a cryptocurrency index that tracks the performance of its own native token, $BNB, as well as that of Dogecoin and a little-known cryptocurrency called Mask Network ($MARK).
The name bluebird hints at Twitter’s logo, while the index constituents include Binance’s native token, a meme-inspired cryptocurrency Elon Musk has been known for supporting, and a protocol that “allows its users to send encrypted messages over Twitter and Facebook and that “acts as a bridge between the internet and a decentralized network running on top.”
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