In a thunderous turn of events in the crypto space, a recent post claimed that a whale had purchased a whopping 1.4 billion Dogecoin (DOGE). That's about $176.4 million at current prices, which got the attention of the Dogecoin creator Billy Markus also known as Shibetoshi Nakamoto.
His brief yet eloquent response — "wat" — added more attention to the event as many wondered about the reason for this major transaction.
Tomiwabold OlajideWhat's interesting is that this claim is similar to something that prominent crypto analyst Ali Martinez said just three days ago. He previously noted that Dogecoin whales had collectively acquired over 1.4 billion DOGE within a brief 48-hour window.
This was valued at around $140 million at that time, so it seems like the current report may not be about one purchase, but rather a bunch of big holders in the Dogecoin ecosystem buying together.
Dogs, whales and bulls
This situation calls for a closer look to see if the reported transaction is an isolated huge buy or if it is the result of multiple whales coordinating their purchases. This is a common issue in the market because it can make it hard to understand what's really going on.
The actions of whales can heavily influence price trends and investor sentiment, prompting speculation about the motivations behind such big investments and their potential effects on the cryptocurrency's future.
Arman ShirinyanWhile we don't know all the details of this particular transaction, the reaction from the DOGE creator brings more attention and prompts a closer look at the most popular meme coin.
Alex Dovbnya
Dan Burgin
Vladislav Sopov
U.Today Editorial Team