Due to Elon Musk’s support, Dogecoin has continued to gain popularity, especially when the billionaire took over Twitter and pledged to incorporate new payment capabilities.
This week, the biggest cryptocurrency in the world has been rising for a different reason. Since Elon Musk showed images of a dog sitting on Twitter CEO Jack Dorsey’s chair with a letter signed Floki on Wednesday, the network’s diehards have been pushing all things Dogecoin. Musk afterwards remarked, “The new CEO of Twitter is incredible,” adding, “So much better than the previous guy!”
DOGE increased by almost 8% in response to the tweet, while Shiba Inu increased by close to 10%. In contrast, Floki Inu surged the most, prompted by Musk’s direct mention, and has subsequently increased by more than 180 percent to trade at $0.000063 as of this writing.
However, despite Floki Inu’s enormous increase, the focus seems to have shifted to Dogecoin, with many measures indicating an active amassing of DOGE by whales.
Earlier on Thursday, the on-chain analytics tool Lookonchain tweeted that a whale acquired $63 million worth of DOGE from the cryptocurrency exchange Crypto.com.
“Whale “D7vrVR” earned 250 million DOGE from cryptocom 1 hour ago,” stated the tweet. Wednesday, the same whale acquired 200 million DOGE worth around $39 million from the same trade, according to the site. The most recent transfer allowed the whale to join the top 20 of the biggest dogecoin whales. At press time, the stated whale had 709,289,274.67 DOGE worth $63.3 million, according to data from Bitinfocharts.
With the recent rise, more whales and regular purchasers joined the excitement and amassed billions of DOGE. “Ali,” a crypto expert, uploaded a chart from on-chain analytics company Santiment with the following commentary: “Dogecoin is about to break out! In 48 hours, DOGE whales have acquired about 1.06 billion $DOGE worth around $94.34 million.
In a subsequent tweet, the expert noted Dogecoin’s increasing popularity after a difficult crypto winter. “Social mood around Dogecoin has not been this good since October 2022, when DOGE surged by 160 percent,” he added.
According to statistics from Intotheblock, the proportion of DOGE investors who are now profiting has reached 63%, and exchange indications have become very positive. According to statistics from Whalestats, Dogecoin is among the top 10 most bought tokens by the 100 largest BSC whales over the previous 24 hours.
Dogecoin’s price is on a path of recovery despite a minor retracement on Thursday, which was mostly caused by investors taking profits. DOGE was trading at $0.0885 at press time, up almost 1% in the previous twenty-four hours.
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