DOGE has steadily climbed since start of April, reaching highs of $0.1799 for first time in two months
According to data from IntoTheBlock, Dogecoin whales have been on their toes over the past 24 hours, with a 126% 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 (DOGE) had earlier risen to highs of $0.1799 on April 5 following the announcement of Elon Musk as the newest member of its Board of Directors. Dogecoin had climbed from lows of $0.146, gaining more than 20% in response to the Elon Musk/Twitter-related news.
Elon Musk, who is now Twitter’s largest individual shareholder and board member, could push for DOGE payments to be integrated into the media company’s platform in some way. social. As U.Today previously covered, Tesla CEO Elon Musk has been a strong supporter of Dogecoin for the past few months, even allowing DOGE to be accepted for payment in his online merchandise store.
DOGE has steadily climbed since the start of April, reaching highs of $0.1799 for the first time in two months. At the time of publication, DOGE was losing value at a present price of $0.1543, down 10.82% on its daily chart as investors pulled profits. Dogecoin bulls could not sustain past the $0.183 barrier, thus pushing its price to lows of $0.151.
According to data from IntoTheBlock, the profitability of the largest meme cryptocurrency, Dogecoin (DOGE), remains at 65% amid recent price gains.
Cryptocurrency market dips
The entire cryptocurrency market is entering profit-taking as the majority of cryptocurrencies were losing value at press time.
Bitcoin (BTC), the world’s largest cryptocurrency, plunged more than 3.98%, slipping below $45,000 and dragging the rest of the cryptocurrency market down with it.
Ethereum is not performing any better, shedding 6.18% over the last 24 hours. Dogecoin is struggling to sustain its 24-hour gains, up barely 1.12% in the last 24 hours and 7.35% in the last seven days.
