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Whales have gathered almost a billion Dogecoin (CRYPTO: DOGE) 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.
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Despite the intense accumulation, the data also revealed significant DOGE sales.
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 (CRYPTO: BTC), Dogecoin 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.