Key Takeaways
- The news of Elon Musk's reawakened interest in the purchase of Twitter has lifted the spirits of the cryptocurrency market this week, particularly Dogecoin traders.
- Whale Alert reported that a whoping 386,082,773 DOGE got transfered from an unknown wallet to another.
The news of Elon Musk's reawakened interest in the purchase of Twitter has lifted the spirits of the cryptocurrency market this week, particularly Dogecoin traders. The on-chain data revealed a snowballing exchange of nearly one billion Dogecoins after the news surfaced some days back. There was a report made by a service that keeps tabs on the flow of coins across numerous blockchains, Whale Alert, early this morning. Whale Alert reported that a whopping 386,082,773 DOGE, valued at $25,187,368, got exchanged from an unknown wallet to another yesterday, Thursday.
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Notably, a major exchange occurred the day after it was revealed that the Tesla CEO's interest had been revived. Whale Alert reported that 449,999,998 got exchanged between two unknown wallets valued at $29,249,999 at the transfer time. Cumulatively, whales have transferred a staggering sum of 836,082,771 DOGE, or almost 1 billion, commanding an estimated value of $54,345,380, hinged on these two major transfers.
Nonetheless, prior to these major transfers recorded by crypto whales, Sanitment—the market intelligence platform—projected that DOGE's value had risen by 9% to $0.065 in the last 24 hours. Additionally, Santiment said that whales are linked to this because of the profit they seek to gather. The latest activities have increased the seven-day price margin of DOGE by 4%, according to CoinMarketCap. Even Twitter's shares were not an exception. They rose by 22% as the news dropped.
Notably, the meme coin still has a market cap of nearly $8 billion and is the tenth-largest cryptocurrency. But the cryptocurrency market typically reverts to the red areas. Bitcoin's price has dropped below $20k during the past 24 hours.Let us hear what you think about this in the comment section below.
