Dogecoin is emerging as a major whale or meme coin holder, according to data on the network tracked by analytics firm IntoTheBlock.
The number of transactions worth at least $100,000 rose to 2,440 on Monday. which is the highest since January 14, 2022
by the large number of transactions mentioned here It is a metric that tracks transactions of more than $100,000 as this amount cannot be obtained from a typical online retailer. And this indicator serves as a representation of the transaction numbers of whales and institutional investors, an explainer from IntoTheBlock said.
A deal to buy Twitter for billionaire CEO Elon Musk of Tesla and SpaceX was announced Monday. And there could be a whale activity of Dogecoin. The cryptocurrency market has increased by more than 19% in a single day. It’s the biggest increase since Oct. 28, 2021, according to TradingView.
Musk’s acquisition of Twitter has fueled speculation that it has had an impact on the crypto world. that may occur later The April 26 daily newsletter of crypto firm FRNT Financial said: “A number of DOGE-related profile pictures were posted and posted on Twitter, to which Musk replied, ‘That is. What’s so funny’ to various user suggestions to change Twitter’s Blue Bird logo to Doge instead.”
“DOGE speculation could influence Musk’s purchase of Twitter triggered by some media,” FRNT said.
Musk has always been a huge supporter of cryptocurrencies and outspoken. At the same time, he is a long-standing fan of Dogecoin.
In December, Musk said in response to a CoinDesk article on Twitter, “Dooooge,” suggesting that DOGE could help retail investors avoid the high transaction costs of Ethereum and gain access to apps. Decentralized finance (DeFi apps)
And in an interview with Time magazine last year, Musk said that Dogecoin is more suitable for transactions than Bitcoin.
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