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Dogecoin Whales Grow Number of Large DOGE Transactions by More Than 100%, Data Shows

Fri, 03/25/2022 - 15:33
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Tomiwabold Olajide
Large transactions by Dogecoin whales spike more than 100%
Dogecoin Whales Grow Number of Large DOGE Transactions by More Than 100%, Data Shows
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Per IntoTheBlock data, Dogecoin whales have become more active in the previous 24 hours, with a 111% increase in large transactions. Large transaction spikes are frequently associated with increased activity from institutional players, or whales, who are either buying or selling. These transactions exceed $100,000 moved, according to IntoTheBlock.

Large Transactions, Courtesy: 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 was made available at Bitcoin of America crypto ATM machines across the U.S. American 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 worth of DOGE is being held by whales, totaling over 3.5% of their entire portfolio. It might be worth noting that every market cycle has an accumulation phase, during which prices flatten and contrarian investors see an opportunity to buy at a discount.

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.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.