A large investor in Dogecoin, referred to as a “whale,” has been generating buzz and excitement among the crypto community by purchasing a substantial amount of DOGE tokens from an exchange. According to on-chain data, this whale has been accumulating tokens, with their most recent purchase consisting of 300 million DOGE, which is currently valued at approximately $45 million.
Some people have come up with ideas about who could be purchasing large amounts of Dogecoin as its price drops, with the most popular guess being Elon Musk, a famous billionaire.
Whale Accumulating Dogecoin
Recently, Dogecoin has experienced a prolonged drop in price, leading to a 25.8% decrease over the last week. Despite this downturn, there’s evidence of a significant investor, referred to as a whale, taking advantage of the dip and purchasing more Dogecoin. This action underscores their confidence in the cryptocurrency’s potential.
A crypto monitoring platform called Whale Alerts reported observing a transfer of 150 million Dogecoin, equivalent to around $23.5 million, from Robinhood to an unidentified wallet named “DDuXGM”. This transaction occurred during a series of other significant cryptocurrency transactions by whales.
Prior to the last purchase, the whale had bought additional 150 million and 30 million DOGE tokens, valued at $23.1 million and $4.8 million respectively. These transactions occurred only a few hours before the final buy.
In the hours prior to the purchase, Elon Musk’s tweets added fuel to the fire of rumors suggesting he could be the mystery buyer. Previously, Musk posted a meme referencing Dogecoin, sparking intrigue among investors. For months, Musk has advocated for Dogecoin and his tweets have historically influenced its price. Nevertheless, this latest tweet did not significantly impact DOGE‘s price, as it was already undergoing a prolonged correction.
Currently, there’s more speculation than clarity surrounding the $46 million Dogecoin transaction. Was it really Elon Musk making the purchase, or was another large investor quietly amassing DOGE tokens? The wallet identified as “DDuXGM” presently holds 2.478 billion DOGE tokens, valued at approximately $363.6 million.
Based on information from influencer MartyParty, who is well-known in the crypto community, the increase in DOGE coins being held could be due to Bitmain’s recent announcement. Bitmain, a leading manufacturer of crypto mining equipment, has shared plans to broaden its support for Dogecoin (DOGE) mining following the launch of its Antiminer L9 model in May. This new Antiminer L9 device is designed to facilitate mining activities not just for Litecoin but also for Dogecoin and Bell coins, which are among the few remaining proof-of-work blockchains.
Currently, DOGE is priced at $0.144 during this writing, representing an 8.15% decrease over the last 24 hours. This substantial decline in a single day has moved Dogecoin into negative territory for the month, causing it to drop by 4.55% over the past 30 days.
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2024-04-19 01:11