Dogecoin “Proof of Assets” Coming on Binance: Details


Tomiwabold Olajide

Dogecoin remains one of the most used smart contracts in the top 1,000 BSC whales of the past 24 hours

According to DogeDesigner, a UX/UI specialist and graphic designer at the Dogecoin Foundation, “Proof of Assets” for Dogecoin could be released on Binance soon after the community’s continued urging. “Proof of Assets” is a wallet that should hold an equal number of real Dogecoins corresponding to the BSC-Doge stock, which was unavailable on Binance all along.

According to bscscan data, more than 649,132 addresses contain BSC-DOGE on the BSC network. “Proof of Assets” also applies in the context of other cryptocurrencies such as LTC, ADA and XRP, which are currently available on Binance.

“Proof of assets” indicates on-chain behavior of BToken and locked native token assets. The same token can circulate on both networks and flow bidirectionally between both networks via a cross-chain communication mechanism. The total circulation of the same token must be managed across the two networks, i.e. the total effective stock of a token must be the sum of the total effective stock of the token on both BSC and BC.

Dogecoin one of the most bought by whales as price transactions at $0.08

According to Whale Statistics, Dogecoin remains one of the most widely used smart contracts in the top 1,000 BSC whales of the past 24 hours. The meme cryptocurrency is also among the most purchased tokens and most widely used smart contracts for the top 100 BSC whales.

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Amid ongoing market instability, Dogecoin is down nearly 3% in the past 24 hours. Dogecoin soared to a record high of $0.73 on May 8 after Tesla CEO Elon Musk’s appearance on “Saturday Night Live.” The price of Dogecoin subsequently fell and has not recovered.

At a current price of $0.08, Dogecoin remains 88.21% lower than its all-time high in May 2021 and is the 10th largest cryptocurrency in terms of market value. By contrast, Dogecoin continues to grab the attention of Elon Musk, who re-stated in a recent tweet that the Bitcoin parody has the potential to become a currency.



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