According to the smart contract activity, the Dogecoin (DOGE) is being accumulated by whales as investors buy the dip.
Dogecoin has made it into the top ten most frequently utilized smart contracts on the Ethereum blockchain.
Smart contracts are programs stored on a blockchain that run when predetermined conditions are met.
Through the smart contract activity, it is easy to measure the amount of activity that takes place on-chain of one or more assets.
As per WhaleStats, Dogecoin was ranked 7th place among the most actively interacted smart contracts on the chain.
It shared the top position with Binance Smart Chain, Binance USD, and Chia Coin.
The data suggests that more and more people are interested in buying Dogecoin, since users have to own a certain amount of a coin to utilize the coin’s smart contract.
However, according to TradingView, Doge/USD trading pairs are losing up to 10 percent of their value.
By Bibhu Pattnaik
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