The Dogecoin (DOGE) community has been abuzz with activity over the past few days, following several large transactions involving anonymous wallets. According to @DogeWhaleAlert, over the past two days, slightly more than 820 million Dogecoin have exchanged hands between anonymous wallets. Some of these wallets are from the top 20 list.
The largest transaction of the past two days occurred 12 hours ago, when 200,000,000 DOGE, worth $17,088,400 at the time of the transfer, was shifted from one top 20 wallet to another. Another major transaction was 41,554,905 DOGE sent earlier, according to the same source.
In addition, two remarkable Dogecoin transactions were spotted by Whale Alert crypto tracker earlier today and on February 16. The first transaction involved 250,000,000 DOGE, worth $22,342,523 at the time, while the second involved 326,383,471 DOGE, worth $28,066,555 at the time. Both transactions were sent from a wallet that had been dormant for the past two years.
Whales have become increasingly active in the beginning of 2023. Earlier, U.Today reported about 36.8 billion DOGE transferred by a major Dogecoin holder. At the time of writing, the price of the original meme cryptocurrency is down by over 2% within the past 24 hours, but it has risen by 6.13% over the last seven days.
The recent surge in activity has also been attributed to Elon Musk, who has been vocal about his support for Dogecoin. In late October 2022, Musk finalized his deal to purchase Twitter, and in the summer, he bought 9.2% of Twitter shares, becoming the largest single shareholder of the company. Musk has since suggested adding Dogecoin as a payment option for Twitter Blue and offered to buy Twitter for $44 billion.
Data recently published by on-chain analytics aggregator Santiment shows that the leading meme token has reached a peak in social media sentiment that had not been seen since October last year. Back then, when this happened, DOGE’s price faced a massive rise by 160%.
This week, Musk tweeted a photo of his Shiba Inu puppy named Floki, naming him the new CEO of Twitter. This pushed the DOGE price to a peak of $0.09 briefly. It remains to be seen if Twitter will implement Dogecoin for micropayments for rewarding content creators, or if they will create an internal Twitter currency made specially for that.
Overall, the Dogecoin community has been very active in the past few days, with large transactions occurring between anonymous wallets. It is likely that whales are either selling their DOGE or redistributing the meme coins among their wallets. The recent surge in activity can be attributed to Elon Musk’s vocal support for Dogecoin, as well as the data published by on-chain analytics aggregator Santiment. It remains to be seen if Twitter will implement Dogecoin for micropayments for rewarding content creators, or if they will create an internal currency made specially for that. Regardless, the Dogecoin community is hopeful that the meme coin will continue to rise in value.
