Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Santiment data shared by cryptocurrency analyst and trader Ali Martinez has revealed that over the past two days, an enormous amount of meme coins DOGE has been accumulated by crypto whales.
Adding to that, a tweet published by blockchain sleuth Whale Alert on Thursday showed that another big DOGE batch was transferred to the world’s largest crypto exchange Binance. Following these movements, the Dogecoin community today witnessed a curious move from the world’s biggest DOGE lover Elon Musk.
Yuri Molchan210 million Dogecoin shoveled by whales
According to the chart provided by the on-chain data aggregator Santiment, over the past 48 hours, cryptocurrency whales have acquired 110,000,000 DOGE.
An X handle of the Alva app that provides AI assistance with crypto commented on Martinez’s post, saying that the accumulation of as much as 110 million Dogecoin might signify “a potential nod to market confidence” and could further spark bullish price movement, at the same time easing the selling pressure on DOGE.
According to Whale Alert, on Feb. 20, an anonymous whale transferred a massive 100,000,000 DOGE to the largest cryptocurrency exchange in the world, Binance. That was the equivalent of $25,421,462 in fiat.
Data shared by the Blockchair explorer shared that the wallet from which the transaction was made currently holds 139,907,982 DOGE worth $35,763,278.
Arman ShirinyanElon Musk ignites community with "DogeFather" tweet
Earlier today, Dogecoin fan and tech mogul Elon Musk took to his X account to publish a photo of himself wielding a chainsaw presented to him by Argentine president Javier Milei. Musk jestingly stated that this was a chainsaw against American bureaucracy and posed with it in front of an audience.
He added his self-taken nickname “The DogeFather” in the back of the photo. For the first time, he called himself that in April 2021 before he debuted in the popular American TV show Saturday Night Live, where he endorsed Dogecoin (DOGE).
However, this time he was likely referring not to the meme coin but to the Department Of Government Efficiency spearheaded by him, which makes audits of various U.S. governmental organizations in an attempt to cut down U.S. governmental spending. The D.O.G.E. has already shut down the USAID program, which sponsored various governments and organizations outside the USA.
Dan Burgin
Vladislav Sopov