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- Dogecoin was trading at $0.1652 at press time, up 32.68 percent in the last 24 hours and 18.16 percent in the last week, according to CoinMarketCap statistics. It remains to be seen if it will continue to rise in a bullish manner, possibly regaining $0.50 (or more) in 2022.
- The price of Dogecoin jumped as a direct result of the confirmed takeover announcement, increasing from $0.1248 to a high of $0.1374 in just an hour, and its market cap rose from $16.56 billion to $18.64 billion in an hour.
- The number of transactions with a value more than $100,000 on the DOGE network reached a four-month high of 2,440 transactions.
When news arrived that Elon Musk had completed the $45 billion purchase of Twitter, his favorite cryptocurrency, Dogecoin (DOGE), reacted as it always does when its biggest proponent says or does something significant or controversial. As crypto expert Ali Martinez tweeted on April 26, DOGE has achieved a four-month high in whale transactions, implying that they may be planning for a significant price spike in the future.
Value More Than $100,000 On The DOGE Network Reached
Martinez illustrated his claim with a graph showing an increase in the number of significant transactions on April 25, as well as a minor increase in price. The number of transactions with a value more than $100,000 on the DOGE network reached a four-month high of 2,440 transactions. Martinez claims that: Such market action can be used as a proxy for whale activity, indicating how they may be preparing for a large price shift.
Martinez also shared a graphic that shows DOGE is on its way to $0.24 after breaking out of a falling wedge pattern on the seven-day charts. He did, however, issue the following warning: If the optimistic prognosis for DOGE isn’t maintained above the $0.13 support level, the bullish perspective will be invalidated.
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DOGE’s Market Capitalization Increasing $2 Billion In Only One Hour
It’s also worth noting that Finbold previously reported on DOGE’s market capitalization increasing by as much as $2 billion in only one hour while Musk was still trying to reach an agreement on the proposed takeover of the Twitter (NYSE: TWTR) platform. The price of Dogecoin jumped as a direct result of the confirmed takeover announcement, increasing from $0.1248 to a high of $0.1374 in just an hour, and its market cap rose from $16.56 billion to $18.64 billion in an hour.
DOGE was trading at $0.1652 at press time, up 32.68 percent in the last 24 hours and 18.16 percent in the last week, according to CoinMarketCap statistics. It remains to be seen if it will continue to rise in a bullish manner, possibly regaining $0.50 (or more) in 2022.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
