Over the last few weeks, the Dogecoin price has quickly gathered positive momentum. Dogecoin began to make higher local highs and lows throughout the following week after finding support near the $0.11 mark in the middle of March.
The crucial resistance barrier will be transformed into a support level if the price closes above $0.161 on a daily basis. Since it played an important supporting role during the crash of 2021, this development is essential to start a bull run.
At the time of writing Dogecoin price is trading at $0.138. DOGE started a strong increase above the $0.125 resistance. It gained over 12% and there was a move above the $0.132 resistance. The next key resistance on the upside might be $0.142.
$40 million worth of Dogecoin is held
These wallets have nearly $40 million worth of Dogecoin, the original meme cryptocurrency, according to statistics published by WhaleStats’ domain dedicated to BSC’s top 100 investors. The total amount of Dogecoin on these addresses is 287,584,761 DOGE, which is worth $39,722,098. This equates to 3.68% of the total whale portfolio.
Another popular altcoin held by whales, MATIC, is slightly more valuable in USD than DOGE and accounts for 5.02 percent of the portfolio. These 34,210,866 MATIC tokens are worth $54,066,086 in total.
Increase in use cases for on-chain data and Dogecoin
The recent increase in on-chain volume from 500 million to 1.73 billion in less than 24 hours confirms this positive prognosis for DOGE. This 3.4x increase in volume indicates that retail and institutional investors are interacting with the Dogecoin blockchain and are interested in DOGE at current prices.
According to a recent press release, the cryptocurrency exchange, which is also registered with the US Department of Treasury as a money services organization, has introduced DOGE functionality to its ATM locations. The company operates around 1800 ATMs in 31 states across the country. They realized Dogecoin’s increasing popularity and felt it was time to add it to their BTMs.
Surprisingly, the actual uses of Dogecoin have accelerated, boosting the usefulness of the humor coin among investors. A high-end dentistry facility in Manhattan, New York has added Dogecoin to its list of approved payment methods.
