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Twitter Deal of Elon Musk Boosts Dogecoin Whale Activity

Atis. Sh
Dogecoin Whales Get Active As Elon Musk Buys Twitter

Dogecoin (DOGE) seems to be getting more trade from crypto whales. These trades are likely to push the token even higher after recent gains.

Over the last 24 hours, DOGE prices have jumped by more than 30%. This might be a result of people who are excited about Elon Musk’s purchase of Twitter for $44 billion. Previously, Musk has talked about a possible integration of the world’s most popular meme token into Twitter. Currently, the DOGE token is at an average price of $0.161, which is close to a three-week high.

Dogecoin Whale Transactions

Elon Musk is known for his cryptic and controversial tweets. However, this skill of Musk can change the prices of cryptocurrencies, especially Dogecoin. A blockchain analytics firm says that crypto whales are continuously keeping an eye on Dogecoin.

Following on, Ali Martinez, a crypto analyst, said that DOGE is going to reach the $0.24 price level. Despite this, if the token does not keep going above the $0.14 price level, the bullish outlook will be thrown out.

With more than $100k in transactions, the value of DOGE rose to $2.5 billion on the chain. This move acts as a proxy for what the government is doing. According to IntoTheBlock, it said that the recorded trading volume is the highest since March 24th. Meanwhile, it is making up about 94% of the total volume.

A Single Transaction of $48 Million

As of this writing, Dogecoin Whale Alert says that more than $66.6 million worth of DOGE has been moved between different wallets in the last 6 hours. Additionally, there has been a single transaction worth more than $48.2 million from an alleged Dogecoin whale. There has also been an 800% increase in Dogecoin’s trading volume in the last 24 hours to $7,180,078,402. In the end, after a long wait, the DOGE token has made it into the top 10 cryptocurrencies.

A lot of the top BSC whales have been buying Dogecoin for a very long time. Moreover, many people keep DOGE tokens in the top 10 coins in the most important wallets. Additionally, according to some data, BSC whales have more than $46 million worth of DOGE. Nonetheless, when looking at the total holdings, it only makes up 4.6% of the total amount.

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