The general recovery in the markets has also mobilized the cryptocurrency whales. Especially the whales of this joke coin draw attention. But will this have a direct effect on the price? What does the increase in transactions and the general outlook indicate? Here are all the details.
According to data from IntoTheBlock, Dogecoin whales have become more active in the past 24 hours, with a 111% increase in large transactions. Large transaction spikes are often associated with increased activity from institutional players or whales buying or selling. Dogecoin price is struggling to recover after dipping to intraday lows of $0.14 today. DOGE finds buyers at $0.13 at the time of writing.
With Bitcoin slumping below $45,000, the DOGE price also dropped. In the coming hours, depending on the movements of BTC, $0.14 levels can be seen again.
The positive news is Dogecoin is now available in Bitcoin of America crypto ATM machines across the USA. American crypto users can now buy and sell DOGE and withdraw cash from over 1,800 ATMs. This may have greatly increased investor sentiment. Upper East Dental Innovations, a high-end dental clinic located in Manhattan, New York, also now accepts Dogecoin, Bitcoin, and Ethereum.
The $40 million DOGE is held by whales, who make up more than 3.5% of their entire portfolio. DOGE has become the 12th largest market cap coin after breaking a key resistance line a few days ago. After hitting the $18 billion market cap barrier, Binance surpassed USD (BUSD). However, DOGE is still below its all-time high market cap of $90 billion recorded in May 2021.
As Dogecoin failed to reach the level of 0.143, it eased to $0.13 from here. If the losses continue, it can be withdrawn to $0.125 in the short term, with strong support at the 0.117 band. Investors, who assume that the rise will continue in the medium term, will look for a gradual selling opportunity at the $0.157 and $0.175 levels.