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After a massive accumulation on a recent cryptocurrency exchange, Dogecoin is making headlines and fueling speculation among investors. On-chain data shows the trend of this whale accumulation, with the latest being the acquisition of 300 million DOGE tokens, valued at $45 million at current market prices.
These speculations have sparked theories about who the whale buyers might be amid Dogecoin's sustained price decline, with the most prominent assumption being billionaire Elon Musk.
Dogecoin's price is currently on a downward trend, falling by 25.8% over the past 7 days. However, on-chain data shows that a certain whale has been buying the dip, demonstrating their strong belief in cryptocurrencies.
Crypto whale tracking platform Whale Alerts noted that, among a series of other cryptocurrency whale transactions, the DOGE accumulated by the cryptocurrency exchange Robinhood was transferred to the private wallet "DDuXGM," involving the movement of 150 million DOGE worth $23.5 million from Robinhood to an unknown wallet.
Interestingly, further investigation into whale on-chain activity reveals that this was not a one-time purchase. In the hours leading up to the last purchase, the whale bought another 150 million and 30 million DOGE tokens, valued at $23.1 million and $4.8 million, respectively.
Elon Musk's tweets in the hours leading up to the purchase will only intensify speculation that he might be the whale. Just hours before, the billionaire tweeted a meme featuring Dogecoin, sparking some speculation among investors. Musk has been a strong supporter of Dogecoin for months, and it is well known that his tweets can cause the price of Dogecoin to soar. However, it is worth noting that, as cryptocurrencies continue their month-long correction, his recent tweets have not worked wonders for DOGE's price.
Currently, there are more questions than answers about the mysterious $46 million Dogecoin purchase. Is it indeed Elon Musk or another whale quietly accumulating DOGE? As of the time of writing, the whale address "DDuXGM" holds 2.478 billion DOGE tokens, worth $363.6 million.
According to prominent cryptocurrency influencer MartyParty, this recent accumulation may be in response to an announcement by the cryptocurrency mining equipment company BITMAIN. Bitmain recently revealed plans to expand its support for DOGE mining after the release of the Antiminer L9 in May. The Bitmain Antiminer L9 model will support mining operations for Litecoin, Dogecoin, and Bells (BEL), all of which are still existing proof-of-work blockchains. |
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Post time 25-4-2024 07:34:38