690 Million DOGE in 48 Hours After Elon Musk’s Statement – What’s Happening?

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According to data provided by cryptocurrency expert Ali Martinez, significant investors (whales) in Dogecoin have engaged in a large-scale purchasing frenzy following Elon Musk’s latest comments about cryptos on platform X.

For the past two days, they’ve amassed close to a billion DOGE coins. However, it wasn’t just purchases of large Dogecoin pieces; other activities were also involved.

690 million DOGE bought and sold in past two days

Martinez posted a picture of a chart indicating that Dogecoin, the initial meme cryptocurrency, has been swiftly accumulating over the past 48 hours. In these last two days, it’s been observed that large investors, or “whales,” have quickly acquired an astounding amount of approximately 470 million DOGE.

Whales bought over 470 million #Dogecoin $DOGE in the last 48 hours!

— Ali (@ali_charts) January 10, 2025

During this time, a significant shopping spree was triggered due to the decline in value of the popular meme-inspired cryptocurrency that is modeled on Bitcoin‘s code and was initially intended as a joke about it. The cryptocurrency experienced a drop of over 20%, plummeting from $0.39620 to a local minimum of $0.31648.

A shopping spree occurred when the meme-inspired cryptocurrency, based on Bitcoin’s code and initially mocking it, fell by more than 20%. The drop took its value from $0.39620 down to a local low of $0.31648.

Lastly:

A buying frenzy ensued as the meme-inspired cryptocurrency, which mimics Bitcoin’s code and was initially meant to mock it, dipped by more than 20%. This decline caused its value to plummet from $0.39620 to a local minimum of $0.31648.

Over the past few days, including some ups and downs, Dogecoin has managed to gain 4.66%. Currently, it’s being traded at approximately $0.33189.

Additionally, information has surfaced regarding substantial Dogecoin sales. Last Friday, a significant amount of Dogecoin was observed being transferred to the leading U.S. cryptocurrency exchange, Coinbase, by Whale Alert – a well-known tracker of large cryptocurrency transactions. It’s speculated that these coins were intended for sale on this platform.

🚨 🚨 112,670,012 #DOGE (37,990,922 USD) transferred from unknown wallet to #Coinbase

— Whale Alert (@whale_alert) January 10, 2025

In total, transactions involving Dogecoin (DOGE) amounted to approximately 106 million DOGE worth around $35.89 million and another 112 million DOGE valued at about $37.99 million when they were first processed.

Elon Musk says DOGE and other crypto can fall

Recently, Elon Musk expressed his view on a popular social networking site that it’s plausible for the prices of Bitcoin, Dogecoin, and other major cryptocurrencies to experience a substantial drop within the next two years.

If dollar inflation can be resolved, as he made clear, it’s possible that the U.S. Department of Government Efficiency (D.O.G.E.), which Musk heads and prefers to call it after Dogecoin, might succeed in its main objective – curbing the high government spending that has occurred during Joe Biden’s presidency over the past four years. Forbes suggested this as a potential interpretation of Musk’s statement.

If we manage to solve dollar inflation, the amount of dollars needed to purchase a single unit of cryptocurrency would increase, assuming all other factors remain constant. In simpler terms, more dollars would be required for the same amount of cryptocurrency, effectively lowering its price in terms of dollar value.

— Elon Musk (@elonmusk) January 7, 2025

As a crypto investor, I’ve taken note of Elon Musk’s tweet suggesting that the dollar value for purchasing cryptocurrencies may decrease, with all other factors remaining constant. However, it’s crucial to focus on the relationship between the number of dollars and the amount of crypto you’ll receive in return – the ‘dollars-to-crypto ratio.’

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2025-01-11 12:45