Recently, a major group of transactions in DOGE was caught by the tweet profile “Doge Whale Alert“.
The blockchain tracker reported that 300 million DOGE was transferred between anonymous investors. This was around $26.5-million-dollars at the time of the exchanges.
The news of such a large Dogecoin movement comes as a surprise. The asset is currently on a strong downtrend after the most recent turmoil involving the former seventh-largest cryptocurrency exchange, FTX. Since then, Dogecoin lost about 20% of its value in the last couple of days.
Dogecoin Whales Tracked on Twitter
DogeWhaleAlert tweeted the previous week that about 399 transactions totaling 4 million coins occurred in the previous week. In all, the exchanged DOGE amounted to 7 billion coins – worth $1.075 billion.
Despite harsh losses this week, the popular meme token maintains a stronger position with a 30.8% increase over the last 30 days.
Furthermore, when the average trade of the token climbed, the coin’s daily trading volume showed a consistently increasing trend.
Dogecoin had modest growth in October. Early in the month, the currency sold at approximately $0.07 towards the end of the month. The price rose to $0.16 after five days. However, the coin’s value progressively dropped since early November.
The Musk Effect
After Elon Musk bought one of the most influential social media platforms in the world, every Dogecoin investor is anxiously waiting for the next move from the multi-billionaire.
Since then, Dogecoin picked up quite an interesting run. After the Twitter announcement, DOGE went from $0.075 to $0.15 at its peak.
Of course, after the FTX turmoil, the meme coin suffered another hit, going back to the $0,07 mark.
However, this week, Twitter announced that the company would be filing a FinCEN, in order to create its own payment company.
This caused DOGE price to surge by 20%, reaching $0,095 on November 11th.
Investors believe that the Twitter purchase could be the cataclysm to make Dogecoin one of the best investment opportunities of 2023.
Due to its high volatility and low token price, Dogecoin will certainly go through several price changes that people could capitalize on in the future.
Musk himself is a firm believer and supporter of the cryptocurrency. So much so that it seems almost inevitable that Twitter will present some (or many) Dogecoin features in its platform in the near future.