Elon Musk’s acquisition of Twitter may have mobilized giant meme coin whales. According to data provided by analytics firm IntoTheBlock, whales are hoarding Dogecoin (DOGE) instead of the typical whale token, Shiba Inu (SHIB).
Dogecoin whale transactions hit their peak in recent months
Analytics firm IntoTheBlock says Dogecoin is seeing increased activity from whales or big meme coin wallets. On Monday, the number of transactions worth at least $100,000 rose to 2,440, the highest since Jan. The number of whale transactions is a metric that tracks transfers greater than $100,000. According to IntoTheBlock:
Dogecoin is not available to the average individual investors on the chain, so the indicators act as a representative of the number of whales and institutional players’ transactions.
Binance whales prefer DOGE over SHIB
DOGE volume allegedly soared amid the spike in whales’ benefit. The IntoTheBlock data we mentioned above indicates an increase in Dogecoin trading volume by over $100,000, while WhaleStats data shows that BSC whales moved Dogecoin to the top 10.
Why whales accumulate Dogecoin
Cryptokoin.com As we reported, Tesla CEO Elon Musk’s deal to buy Twitter was announced on Monday and sparked whale activity in Dogecoin. According to data provided by TradingView, the Dogecoin price rose 19% that day, making it the largest single-day gain since October 28.
Crypto derivatives firm FRNT Financial’s daily newsletter on April 26 states the following about the Twitter acquisition:
An important role in crypto discourse The acquisition of Twitter by Musk, which plays and adopts the asset class, has encouraged speculation about the possible consequences. For example, a number of DOGE-related profiles on Twitter made an exchange in which Musk responded “that would be [disease]” to the social media platform’s suggestion to replace the bluebird logo with “a doge.”
In December, Elon Musk tweeted “Dooooge” in response to a CoinDesk article, suggesting that the dog-themed cryptocurrency could help individual investors bypass high Ethereum transaction costs and access decentralized finance applications.
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