Dogecoin ($DOGE) Sees Whale Transactions Jump 110% Amid Ongoing Price Rally

How To Withdraw Dogecoin Doge Satang

Top transactions involving Dogecoin ($DOGE) have more than doubled in the past 24 hours, driven by a meme-backed cryptocurrency price spike inspired by Tesla CEO Elon Musk, who wrote a 9 share on Twitter with 2% bought.

Data from IntoTheBlock, first spotted by Benzing, shows that DOGE whales have funneled their funds into a large transaction worth just $100,000, more than doubling since the start of the week.

Overall, the meme-inspired cryptocurrency has made 479 whale transactions in the last 24 hours, with the largest transaction being: 269 million DOGE worth more than $39 million. In the last seven days, $1.87 billion was transferred to the Dogecoin network.

The big problem comes at a time when DOGE's value is rising along with the huge cryptocurrency market. The data shows that DOGE has grown by 36.8% in the last 30 days and by more than 13% in the last week. In the last 24 hours alone, DOGE is up 5.8%, partly due to Tesla CEO Ilan Musk acquiring 9.2% of Twitter.

Musk now owns 9.2% of Twitter, more than four times the 2.25% owned by microblogging platform founder Jack Dorsey, according to a statement from the US Securities and Exchange Commission.

A regular Twitter user with more than 80 million subscribers on the platform, Musk polls his followers for their opinions on Twitter and social media. The Tesla CEO is also a supporter of Dogecoin and has worked with developers to improve the cryptocurrency.

Along with co-creating DOGE, Musk pushed for McDonald's to accept payments in the meme-inspired cryptocurrency, hinting that SpaceX, which he also owns, would soon start accepting payments to DOGE.

Tesla has invested $1.5 billion in its flagship cryptocurrency, Bitcoin, according to CryptoGlobe, and is expected to grow by at least $1 billion from its investment after the initial acquisition, despite low sales.

The electric car maker also recently began accepting DOGE payments on its website, which you can use to purchase certain products such as "cyber whistles," "Giga Texas" seat belts, and "cyber boxes" for kid's four-wheelers. All of these items cost DOGE, ranging from 12,020 coins for a four-wheeler to 300 DOGE for a Cyber ​​Whistle.

On the Dogecoin support page, Tesla notes that customers who send the wrong amount of DOGE to their address can see that their order has been canceled, adding that if the order is overpaid in cryptocurrency, "the Overpayment will not be refunded in its original form. Payment ".

DISCLAIMER

Views and opinions expressed by the author or any other person referred to in this article are for informational purposes only and do not constitute financial, investment or other advice. Investing or trading in cryptocurrencies involves risk of financial loss.

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