"SmartMoney" tracker @lookonchain has noticed that two of the five biggest DOGE whales sold massive amounts of this popular meme token after it soared by over 30% earlier this week, thanks to Elon Musk's change of the Twitter logo.
The tracker wonders if those two wallets could be linked to Elon Musk, tech billionaire and Twitter owner.
1.4 billion Dogecoin sold during massive rally
@lookonchain shared the details of those wallets and the transactions made from them. Whale "DduX" sold part of his Dogecoin holdings, dumping 1.1 billion DOGE for roughly $95.2 million.
The second wallet is called "D8ZE," and it sold 300 million Dogecoin for $28.6 million. Those two are the fifth and third largest DOGE holders in the crypto space. The tweet contains links to BitInfoCharts with the details of these transactions, which took place on April 4.
The "SmartMoney" tracker wonders if these wallets could be related to the biggest DOGE fan, Elon Musk, somehow.
Whale "DDuX" (the 5th holder) reduced 1.1B $DOGE($95.2M).https://t.co/n6R2L7HKN7— Lookonchain (@lookonchain) April 7, 2023
Whale "D8ZE" (the 3rd holder) reduced 300M $DOGE($28.6M).https://t.co/nHLHf8pk60
Could these two addresses be related to @elonmusk? pic.twitter.com/Z9ku8O9MZK
Earlier this week, Santiment on-chain data aggregator also shared its take, alleging that whales close to Elon Musk made huge profits on the Dogecoin rally that followed the change of the Twitter logo. Santiment even suggested that Musk himself could be among those who earned a great deal from this price surge.
DOGE as a Twitter logotype pushed search requests up by nearly 2,000% and raised Dogecoin social sentiment to the 15,000 level, according to Santiment. Analyst Ali Martinez assumed that this surge in social media mentions may be followed by a big price correction, as happened twice last year already.
Twitter logo changed back, goodbye Dogecoin
It turned out that the logo change was temporary after all, and now the iconic blue bird is back in its place as the symbol of Twitter. This made Dogecoin's price drop around 9%, pushing it to the $0.08277 price level.
This week, some crypto influencers, including David Gokhshtein, began discussing that after this move by Elon Musk, Dogecoin may indeed become the currency of Twitter for tipping content creators and for making micropayments.
It seems that Elon Musk is not in a rush to integrate the meme coin on Twitter, at least not right now, as the Dogecoin community had hoped. But he has again demonstrated his power over DOGE price fluctuations through Twitter. He used to be able to impact the coin's price through his tweets, but now, after purchasing Twitter, he has other tools to achieve that goal.