It is now time for whales to be hyper-active in the Dogecoin network, as large whale activities have been observed recently.
According to the metrics released by IntoTheBlock, the past 24 hours have been a busy period for Dogecoin whales as there was about a 111% jump in the number of large transactions carried out by whales.
The large transaction is an indication that institutional whales are active on the network as there is much buying and selling going on the trading floor. As per the assessment by IntoTheBlock, the transactions are estimated to be above $100,000.
Price of Dogecoin is Looking To Rise
The price of the meme cryptocurrency is currently attempting to bounce back after a challenging period where its value plunged to $0.132 on March 25.
According to CoinMarketCap, the meme token is trading at $0.135 at the time of going to press. The top meme cryptocurrency rose to $0.141 following consistent price action on March 21.
Further continuation of the positive trend would result in having another boost in price performance, which may indicate an extended bullish trend; the bullish trend is what the DOGE needs to consolidate its value.
Dogecoin’s Adoption Expanding
In another positive development, Bitcoin of America made the meme token available in crypto ATMs across the United States. With this latest move, cryptocurrency users will be able to purchase, sell, or transfer DOGE at the designated ATMs.
Industry experts believe that this move will likely boost investors’ confidence in the utility of the first meme digital currency as more mainstream adoption is on the way.
Similarly, a high-end Manhattan-based dental clinic named Upper East Dental Innovations has disclosed that it is now accepting payment in Dogecoin. The clinic also claimed to be the first dental facility to embrace crypto payment in the whole of New York and its environs.
Whales Accumulating DOGE
U.Today previously reported that institutional whales hold $40 million worth of Dogecoin. The tokens represent 3.5% of the whales’ total portfolio in DOGE.
The crypto market is in phases of activity where prices rise and fall, and willing investors chance on the opportunity to purchase as many tokens as possible at a discount.
For the time being, Dogecoin still occupied 12th place among top-performing cryptos with large market capitalization following its breakthrough away from a strong resistance some days ago. The breakout sees the DOGE overtook Binance USD after attaining the $18 billion market barrier.
Despite the relative gains, Dogecoin still has a long way to recover from the slump that saw it fall from its all-time high.
However, the recent bounce in value indicates what is to come because there are tell-tale signs of a bullish trend on the horizon. Investors are to expect another bullish attempt to drive the price further up.
Undoubtedly, the meme token has been in a positive run of late, which boosts the optimism of its investors as expectations of further price consolidation continue to grow.