Whales Receive Dogecoin (DOGE) Based on Smart Contract Activity

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Dogecoin (DOGE) on-chain activity indicates that traders may try to enter the coin at lows. Smart contract activity is one of the indirect ways of determining the number of actions that take place in the chain of one or another entity.

According to the data provided, DOGE ranked 7th among the most actively interacting smart contracts on-chain. Meme-coin shared the top with cryptocurrencies such as Binance Smart Chain, Binance USD and Chia Coin. The use of smart contracts often means increased purchasing activity, as users need to own a certain amount of tokens in order to use a cryptocurrency’s smart contract.

https://twitter.com/WhaleStats/status/1464161786463014912

Doge’s on-chain data shows more people are starting to use it, while market data shows the opposite. According to TradingView, Doge/USD trading pairs have lost 10% of their value.

At today’s low, the Doge is down 15% and tested the $0.188 support. The last time Dogecoin traded at the same level was at the end of September.