Apparently preparing for the upcoming rally, a crypto whale has scooped about $38 million worth of Dogecoin (DOGE) over three days this week to become one of the richest DOGE addresses in the world.
Dogecoin is a dog meme cryptocurrency backed by Tesla owner and Twitter CEO, Elon Musk.
As of the time of writing this report, Dogecoin is worth $0.087 with a market capitalization of more than $11.5 million, ranking as the 10th largest cryptocurrency.
Dogecoin is down nearly 5% in the past day but still up more than 5% in the past week. It’s also up roughly 22% since the start of 2023, Binance platform reveals.
According to BitInfoCharts, the whale now has a balance of more than 709.2 million Dogecoin worth more than $60 million, making it the 20th-largest DOGE wallet in the world.
Investors King understands that positive social media sentiment has been surrounding dogecoin since Elon Musk posted a picture of a dog as the new Twitter CEO on his Twitter page. Within minutes, the post generated a lot of reactions from crypto enthusiasts.
Musk tweeted a picture of his pet dog sitting on the company’s CEO’s chair, with the caption: “The new CEO of Twitter is amazing. So much better than that other guy!” he added.
Meanwhile, a Dogecoin wallet that has been inactive for almost two years has recently transferred a significant amount of DOGE to a new address, amounting to 326.4 million DOGE or roughly $28 million at the time of the transfer.
This transfer has caught the attention of the crypto community, with many speculating on the potential impact on DOGE’s price.
However, it is important to note that this is not the first time a large amount of DOGE has been moved around. In fact, earlier this year, a whale transferred 36.8 billion DOGE, which was worth around $1 billion at the time. Despite this large transfer, DOGE’s price remained relatively stable.