The last 24 hours have seen an increase in whale activities on the Dogecoin network as busy DOGE whales carry out large transactions.
Data released by CoinMarketCap shows the price of DOGE spiked by almost 7.48% following a beehive of activity over the same period.
The comment by Elon Musk about the idea of acquiring Twitter and changing the logo from the bird to the Doge. Musk humorously added that the bird appeared to be “sick.”
A report posted by U.Today about the move taken by Bitcoin of America to integrate DOGE into all of its crypto ATM outlets in the United States. Bitcoin of America is a popular cryptocurrency ATM service provider whose ATMs dispense various digital currencies where users can buy, sell, transfer virtual funds, and also withdraw fiat currencies.
The same period saw another trading app company, Voyager, also announce the inclusion of Dogecoin on its platform.
All the above events contribute to the sudden rise in the value of the meme token as it clocks a double-digit upward price move.
Price Instability
The price lows recorded on the 14th of March set Dogecoin on course to reverse months of a downward trend if all goes well. Dogecoin’s downward trend started last year after the meme cryptocurrency peaked in May 2021. Since then, the price action for Dogecoin has been unsteady.
However, prices have been recovering significantly and consolidating steadily before another period of decline sets in. The overall sentiment is that the value of the DOGE has been bearish for some time now.
Since October last year, the meme token has marked four red candles in a row before the bulls attempt to pull Dogecoin out of the price slump.
But to sustain a green candle on the trading floor, Dogecoin needs to maintain the opening price of $0.133, as was the case at the beginning of March.
Whales On The Prowl
As reported by IntoTheBlock, DOGE whales are having a field day as they continue to keep themselves busy on the trading floor, which led to a 133% increase in transactions.
Transactions of such volume are often linked to institutional whales who are mostly engaged in buying or selling assets. Accordingly, the transactions, experts believe, have exceeded $100,000.
Going by the whale’s activities, a steady price jump is forecasted as prices move through barriers, making headway towards higher levels. A bullish rally may likely suggest a continuation of an upward price move as bulls halt to allow for more consolidation.
Robinhood Holds a Large Stash of DOGE
DogeWhaleAlert published a report on the activities of the popular crypto trading platform, Robinhood, that shows nearly $6 billion in DOGEs held on behalf of its clients.
The report means about eight times more in DOGE, and 31.53% of the total meme tokens in circulation are held in the custody of Robinhood.
For emphasis, the combined total of DOGE in circulation is 132,670,764,299.
