Over the last few weeks, the Dogecoin price has quickly gathered positive momentum. Dogecoin began to make higher local highs and lows throughout the following week after finding support near the $0.11 mark in the middle of March.
The crucial resistance barrier will be turned into a support level if the price closes over $0.161 on a daily basis. Since it performed as a significant support level during the crash in 2021, this development is critical in starting a bull run.
At the time of writing Dogecoin price is trading at $0.138. DOGE started a strong increase above the $0.125 resistance. It gained over 12% and there was a move above the $0.132 resistance. The next key resistance on the upside might be $0.142.
$40 Million worth of Dogecoin is held
These wallets own almost $40 million worth of Dogecoin, the original meme cryptocurrency, according to statistics published by the area of WhaleStats dedicated to the top 100 BSC investors. The total quantity of Dogecoin on these addresses is 287,584,761 DOGE, which is worth $39,722,098. This equates to 3.68 percent of the whales’ total portfolio.
Another popular altcoin held by whales, MATIC, is slightly more valuable in USD than DOGE and accounts for 5.02 percent of the portfolio. These 34,210,866 MATIC tokens are worth $54,066,086 in total.
On-chain Data and Dogecoin use case increases
The recent increase in on-chain volume from 500 million to 1.73 billion in less than 24 hours supports this positive prognosis for DOGE. This 3.4-fold rise in volume indicates that both retail and institutional investors are interacting with the Dogecoin blockchain and are interested in DOGE at present prices.
According to a recent press release, the cryptocurrency exchange, which is also registered with the US Department of Treasury as a money services organization, has introduced DOGE functionality to its ATM locations. The company operates around 1800 ATMs in 31 states across the country. They realized Dogecoin’s increasing popularity and felt it was time to add it to their BTMs.
Surprisingly, Dogecoin’s real-world uses have accelerated, boosting the humor coin’s utility among investors. A high-end dentistry facility in Manhattan, New York, has added Dogecoin to its list of approved payment methods.
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Source: https://coinpedia.org/news/top-bsc-whales-hodl-40-million-worth-of-dogecoin/