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Dogecoin Whales Increase Transactions by 126% as DOGE Enters Profit-Taking

Wed, 04/06/2022 - 13:04
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Tomiwabold Olajide
DOGE has steadily climbed since start of April, reaching highs of $0.1799 for first time in two months
Dogecoin Whales Increase Transactions by 126% as DOGE Enters Profit-Taking
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Per IntoTheBlock data, Dogecoin whales have been on their toes in the previous 24 hours, with a 126% 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 (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 the largest individual shareholder on Twitter and a board member, might push for DOGE payments to be integrated into the social media company's platform in some way. As U.Today previously covered, Tesla CEO Elon Musk, has been a staunch supporter of Dogecoin in recent months, even allowing DOGE to be accepted for payment at its 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.

Per IntoTheBlock data, the profitability of the largest meme cryptocurrency, Dogecoin (DOGE), remains at 65% amid the 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, has plunged more than 3.98%, slipping below the $45,000 mark 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.

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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.