Dogecoin Adoption Soars as Whales Take Interest in the Meme Coin Again
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Prominent on-chain analytics platform IntoTheBlock also released a report on Dogecoin’s renewed bullish sentiment, noting that large DOGE transactions have recorded a 25% increase over the last 24 hours.
IntoTheBlock describes large transactions as market activities associated with institutional and wealthy investors, typically exceeding the value of $100,000.
Meanwhile, reports show that the meme coin maintains a profitability rate of 53%, despite losing over 50% since April. This profitability standing is one of the highest in the market currently, considering the recent market crash.
In other news, luxury wristwatch manufacturer TAG Heuer recently announced that it would begin accepting cryptocurrency, including DOGE, for its products as it partnered with BitPay. Furthermore, giant crypto exchange OKX recently announced that users can now trade Dogecoin against USDC on its spot market.
The announcement might have sparked some bullish impetus for the meme coin, as it jumped by over 3% after the announcement. At press time, DOGE trades at $0.0872 after recording a mild retrace in the London session on Monday.
Key Dogecoin Levels to Watch — May 23
Along with most of the crypto market, Dogecoin has fallen into a sideways pattern following the Terra-induced crash. However, the broader market appears to have entered a mild recovery momentum, as the stock markets jump on Monday.
DOGE is not left out of this momentum, as it works to plant a footing above the $0.0900 top. That said, the meme coin has entered overbought conditions per the 4-hour stochastic indicator, prompting some patience on aggressive buying. In the meantime, we could see a mild bearish correction to the $0.0800 low in the coming days.
Meanwhile, my resistance levels are $0.0900, $0.1000, and $0.1100, and my support levels are $0.0800, $0.0700, and $0.0600.
Total Market Capitalization: $1.31 trillion
Dogecoin Market Capitalization: $11.5 billion
Dogecoin Dominance: 0.88%
Market Rank: #10
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