🟡 Is Elon Musk buying Dogecoin? Buying whales for US$45 million generates speculation in the DOGE community
Dogecoin is gaining headlines and speculation from its wide investor community following a recent whale accumulation on a crypto exchange. Network data shows an accumulation trend for this whale, the most recent being the acquisition of 300 million DOGE tokens worth US$45 million at the current market price.
Such speculation has led to theories about who the whale's buyer could be amid a continued decline in Dogecoin's price, with the most prominent hypothesis being billionaire Elon Musk.
🔺 Whale accumulating Dogecoin
Dogecoin is currently in a prolonged price crash, with its price dropping 25.8% in the last seven days. However, network data shows that a certain whale is buying the dip, which is a testament to his strong belief in the cryptocurrency.
Whale Alerts, a tracker of crypto whale transactions, observed an accumulation of DOGE from crypto exchange Robinhood to the private wallet “DDuXGM" amid a flurry of other whale transactions in other cryptocurrencies. The transaction involved the movement of 150 million DOGE worth $23.5 million from Robinhood to unknown wallet.
It is interesting to note that further investigation into the whale's on-chain activities reveals that this was not a one-time purchase. The whale acquired another 150 million and 30 million DOGE tokens worth $23.1 million and $4.8 million, respectively, in the hours before the last purchase.
Elon Musk's tweets in the hours leading up to the purchase only fueled speculation that he could be the whale. Just hours earlier, the billionaire tweeted a meme image mentioning Dogecoin, which sparked some speculation among investors. Musk has been a vocal supporter of Dogecoin for months.
