Dogecoin Becomes one of the Most Preferred Smart Contracts Payments Tool by BSC Whales
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Also, Dogecoin currently ranks among the top 10 holdings of the top 100 BSC whales, as additional data shows that the cryptocurrency has regained favor in the eyes of large wallet addresses.
According to a report from on-chain analytics platform IntoTheBlock, DOGE has recorded a significant rise in volume in on-chain transactions of over $100,000, as the total worth of trading volume jumped to $2.59 billion earlier this week. IntoTheBlock detailed that this was the highest volume on record since late March, as whale transactions made up about 94% of the total volume.
The report also showed that the number of transactions worth $100,000 and above climbed to 2,440 on April 25, its highest point since January 14.
Commenting on the latest development, FXStreet analyst Ali Martinez noted that “such market behavior can act as a proxy for whales’ activity, suggesting how they may be positioning for a big price move.”
At press time, DOGE has a market valuation of $18.66 billion, with a 24-hour trading volume of over $1.4 billion.
Key Dogecoin Levels to Watch —April 29
Dogecoin appears to be unrelenting around the $0.1400 level, as the meme coin holds its position above the long-prevailing descending channel.
Earlier this week, DOGE retested the $0.1650 resistance but failed to secure its momentum amid a mass outflow of investors into safer assets. Nonetheless, the tenth-largest cryptocurrency remains with a mild bullish sentiment, as it holds above the daily 100 EMA, my preferred trend identifier. I expect a bullish slowdown across the market over the weekend, giving DOGE bulls a window to close a candle above the $0.1650 mark.
Meanwhile, my resistance levels are $0.1500, $0.1650, and $0.1700, and my support levels are $0.1300, $0.1200, and $0.1100.
Total Market Capitalization: $1.78 trillion
Dogecoin Market Capitalization: $18.6 billion
Dogecoin Dominance: 1.04%
Market Rank: #10
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