Dogecoin Whale Transactions Have Increased By 133%, Putting DOGE On Track To Reverse Months Of Price Declines.

With a 133% spike in huge transactions in the preceding 24 hours, Dogecoin whales have been on their toes.

The price of Dogecoin (DOGE) has risen almost 7.48% in the last 24 hours, according to CoinMarketCap statistics.

The price of DOGE had risen the day before after Tesla CEO Elon Musk said it would be “sick.” if the company bought Twitter and changed the bird emblem to that of Doge.

The Bitcoin parody has had a double-digit price spike in the last week, after Bitcoin of America, a renowned cryptocurrency ATM operator, added DOGE to the list of tradable coins. At the same time, the trading software Voyager enabled Dogecoin support.

Dogecoin may be on the verge of reversing months of downturn following a rally from lows of $0.11 on March 14. Since May 2021, when it reached all-time highs of $0.76, Dogecoin has been on a downward trend.

Before another round of losses, the price rebounded and consolidated significantly, as seen by the two monthly green candles drawn in August and November 2021.

Since October 2021, the meme coin has had four consecutive monthly red candles before bulls rose to the occasion. To maintain a monthly green candle, a closing above March’s beginning price of $0.133 is required.

DOGE whales have been on their toes in the last 24 hours, according to IntoTheBlock statistics, with a 133% rise in huge transactions.

Large transaction surges are usually linked to increased activity by institutional buyers and sellers, sometimes known as whales. According to IntoTheBlock, these trades total more than $100,000.

The four-hour chart of Dogecoin suggests a continuous rise as price breaks through critical barriers. As bulls halt in consolidation, a bullish pennant might indicate that the rally will continue.

DOGE was trading at $0.1487 at the time of publishing, according to CoinMarketCap statistics. Since March 26, Dogecoin has been on a four-day winning streak, reaching highs of $0.15.

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Patrick

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