Large transactions by Dogecoin whales spike more than 100%
According to data from IntoTheBlock, Dogecoin whales have become more active over the past 24 hours, with a 111% increase in large transactions. Large transaction spikes are often associated with increased activity by institutional players, or whales, buying or selling. These transactions exceed the $100,000 moved, according to IntoTheBlock.
Dogecoin price is attempting to recover after plunging to intraday lows at $0.132 today. At the time of publication, DOGE was trading at $0.135 as per CoinMarketCap data. Dogecoin rose to highs of $0.141 after a four-day positive run since March 21.
Positive news: Dogecoin has been made available on Bitcoin of America crypto ATMs across the United States. US crypto users can now buy or sell DOGE, as well as withdraw cash, from over 1,800 ATMs. This may have largely boosted investor sentiment.
Upper East Dental Innovations, a high-end dental clinic located in Manhattan, New York, also now accepts Dogecoin, Bitcoin and Ethereum. It claims to be the first dental office to open its doors to cryptocurrency in the heart of the “Big Apple.”
As previously covered by U.Today, $40 million of DOGE is held by whales, totaling over 3.5% of their entire portfolio. It may be worth noting that every market cycle has an accumulation phase, during which prices flatten out and contrarian investors see an opportunity to buy low.
DOGE continues to hold its new place like the coin with the 12th largest market cap after breaking through a significant resistance line a couple of days ago. It surpassed Binance USD (BUSD) after reaching the $18 billion market cap barrier. However, DOGE is still far below its all-time high $90 billion market cap recorded in May 2021.
