Whales have gathered almost a billion Dogecoin DOGE/USD within 48 hours.
What happened: Cryptocurrency trader and analyst Ali Martinez shared data on X indicating a substantial increase in Dogecoin purchases. This buying frenzy was sparked by Musk’s recent remarks regarding the potential future drop in cryptocurrency prices.
Data shared by Martinez revealed that Dogecoin whales quickly purchased over 470 million DOGE over the past two days. This increase in buying activity was accompanied by a 20% drop in the price of Dogecoin, from $0.39620 to a low of $0.31648.
Despite the intense accumulation, the data also revealed significant DOGE sales.
Read also: Dogecoin Will Cross $1 Milestone This Year, Says Analyst
On Friday, cryptocurrency tracker Whale Alert reported two large Dogecoin transactions sent to US-based cryptocurrency exchange Coinbase, likely for sale.
Elon Musk recently suggested on social media that the price of Bitcoin BTC/USDDogecoin and other cryptocurrencies could fall significantly over the next two years if dollar inflation is resolved.
This statement was made in the context of his role at the US Department of Government Effectiveness, which focuses on reducing excessive government spending.
Why it’s important: Despite the significant drop in Dogecoin’s price, these large investors are accumulating more of the cryptocurrency, perhaps anticipating a future rise in its value.
However, the data also shows that substantial sales of DOGE were made. This indicates that while some investors are optimistic about the future of Dogecoin, others are taking advantage of the current market situation to cash out.
As Musk’s role within the U.S. Department of Government Effectiveness continues to evolve, his comments and actions will likely continue to influence the cryptocurrency market.
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Dogecoin Set to See 85% Surge as Whales Hoard 130 Billion DOGE
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