Elon Musk’s latest move to buy Twitter has mobilized altcoin whales. After multiple months of selling, Dogecoin price has had some chance to recover. However, it is not certain whether this acceleration will be permanent.
Altcoin whales are accumulating after Elon Musk news
Elon Musk’s second attempt to buy Twitter causes DOGE’s whale activity to increase. Dogecoin (DOGE) has recovered somewhat after being in negative territory for several months. Accompanied by an increase in price, whales are taking action. This leads to optimism that it will reclaim its 2021 peaks.
Notably, Santiment’s on-chain data showed that as of October 4, Dogecoin had recorded 85 whale transactions totaling at least $100,000. Meanwhile, established cryptocurrencies like LTC and LINK are out of the top 10, while DOGE maintains its position as the 10th largest cryptocurrency. The data confirm that some of this power comes from the whales.
The DOGE price also rose 9% at one point on October 4, reflecting the excitement of the whales during the day. It is currently fluctuating slightly from the last 24 hours. Its price is trading in the $0.064 and $0.006 zone.
The increase in whale funding rates highlights the potential direction of Dogecoin’s price action after months of being under pressure from the market’s high volatility. But it wasn’t just money flowing from big wallets. Dogecoin was mentioned with Elon Musk again throughout the week.
Elon Musk again showed his influence on Dogecoin
Dogecoin’s latest rally is due to Elon Musk’s move to buy Twitter again. Tesla CEO renewed his initial bid of $54.20 to buy Twitter. Musk had previously given up buying Twitter because of bot users. Meanwhile, the main source of the Dogecoin rally is Elon Musk, which stems from the messages between Jack Dorsey. As Kriptokoin.com, we have transferred the details in this article.
What will DOGE do now when the altcoin market is stagnant?
As we mentioned above, Musk’s plans for Twitter include adding DOGE as a payment option. Twitter currently already allows users to NFT their profile pictures and send tips using Bitcoin (BTC) and Ethereum (ETH).
However, whales are buying DOGE, as we can see from the on-chain data. However, it is unclear whether Elon Musk and Twitter news will cause a long-term increase in price. Resistance is preventing bullish momentum as Dogecoin has recently shown sideways consolidation. The leading meme coin will need to cross $0.06800 first to make a strong move.
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