After what seemed like a shaky day for the meme cryptocurrency, Dogecoin has rallied to recover its relative gains after the National Puppy Day celebration.
The beginning of the present week saw the DOGE spike over 15% in value, but the small win began to unravel, culminating in a 3% drop in price over the past 24 hours. However, the price has begun to stabilize, and a price recovery is in motion.
According to the analysis done by CoinGecko, while the price of Dogecoin is not in a bearish trend, it is consolidating the previous gains recorded before the decline on March 23. DOGE has made a significant rebound from falling to $0.134737 to gaining $0.13449.
DOGE Now Available In Crypto ATMs
The leading meme cryptocurrency has surged in value over the last couple of days after being added to the Bitcoin of America ATM outlets across the United States.
Cryptocurrency users in America can now purchase, sell, and transact in DOGE and withdraw fiat currencies from more than 1,800 designated ATMs spread across the U.S.
U.Today revealed that the price consolidation results from $40 million worth of DOGE tokens in possession of institutional whales, which makes up over 3.5% of the total portfolio belonging to the whales.
Dogecoin was ranked number 12 among the top-performing cryptos in terms of market capitalization following its breakout from a high resistance zone some days ago. It overtook the Binance USD after attaining the $28 billion market valuation mark.
Notwithstanding the recent positive price action, Dogecoin is way below its previous all-time high of $90 billion, achieved in May last year.
Elon Musk and Price Action
Whenever there is a rise in the price of Dogecoin, one notable personality is more often credited for being the trigger for the price surge. He is Elon Musk.
The Tesla boss is long known for his Twitter posts about the meme cryptocurrency, which drives prices up. Any musings of Musk directly led to the price change, and more importantly, he tends to be the driver behind some businesses accepting payment in DOGE.
One of the most famous musings attributed to Musk was his tweet asking the fast-food giant McDonald’s to begin accepting payment in DOGE despite the latter not agreeing to his request.
In his quest to make the meme-themed digital currency a good utility for businesses, Musk in February announced that both of his companies, Starlink and SpaceX, would be accepting payment in DOGE in the future.
However, the latest price increase has nothing to do with Musk, as it was sparked by a move that changed the fundamental aspects of Dogecoin’s activities. More initiatives like this would drive the value up.
Admittedly, the business space is now more ready than ever before to dive into integrating crypto payment and transactions. Dogecoin stands to gain significantly from the increased adoption because it has long been viewed as a utility by its Co-founder and a supportive community.
