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

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Tomiwabold Olajide

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DOGE has steadily climbed since start of April, reaching highs of $0.1799 for first time in two months

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.

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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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