Two of the major Dogecoin whales reportedly reduced their holdings by $1.4 billion during the three days the DOGE image appeared on the Twitter web.
The Dogecoin (DOGE) community had a short-lived exciting moment after tech billionaire Elon Musk removed a dog-themed logo from Twitter Inc. Three days ago, Musk swapped out Twitter’s famous bird logo with an avatar. DOGE. As a result, the Dogecoin price gained almost 30 percent to reach $0.1026. However, Dogecoin price has declined by approximately 7.89 percent over the past 24 hours to trade around $0.085 during the first Asian trading session on Friday.
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Before Elon Musk swapped Twitter’s blue bird logo for Dogecoin’s avatar, the meme coin was caught in a consolidation. The second largest prop-of-work (PoW) blockchain after Bitcoin received a technically free announcement on Twitter boasting of over 200 million monetizable daily active users (mDAUs).
The bird has returned. pic.twitter.com/Tj6SBga1bc
—Michael Saylor⚡️ (@saylor) April 6, 2023
However, on-chain analytics platform Lookonchain has uncovered some unpleasant Dogecoin data. Two of the major Dogecoin whales reportedly reduced their holdings by $1.4 billion during the three days the Doge image appeared on the Twitter web. While the two Dogecoin addresses are not appropriately named, Lookonchain has questioned whether they are closely related to Musk.
April 4 @Elon Musk changed the Bluebird to dog, the price of $DOGE increased by ~30%.
On April 7, he changed the logo back to Bluebird, the price of $DOGE decreased by ~6%.
During this period, 2 whales among the top 5 owners reduced their holdings by ~1.4B $DOGE ($121 million). pic.twitter.com/k4whKR2s1u
— Lookonchain (@lookonchain) April 7, 2023
Additionally, Musk has indicated in the past that he owns Dogecoin directly and indirectly. For example, Musk received payment via Dogecoin from his space exploration company after launching a satellite called Doge-1 to the moon. Also, by the end of 2021 Musk Announced that he had bought some Dogecoins for his little son named X to become a ‘toddler carrier’.
As a result, the Dogecoin community hopes that the tech billionaire will add Doge as a form of payment on the social media platform. Additionally, Musk has added Bitcoin’s Lightning Network as a form of tip program for content creators. With Musk’s plans to switch Twitter to a Web3 mega protocol, Dogecoin is expected to be integrated as a form of payment in the future.
the low
Support for Dogecoin hasn’t been all rosy for Musk in the past. Notably, Dogecoin got caught in a log downtrend in 2022 after reaching its ATH of around $0.73. With a drop of more than 88 percent, a section of Dogecoin investors has sued Musk for allowing the meme coin to suddenly crash into investors.
In the $258 billion lawsuit, Musk and his lawyers asked a Manhattan judge to drop the case because it does not have strong foundations.
“There is nothing illegal about tweeting words of support or funny images about a legitimate cryptocurrency that continues to have a market capitalization of nearly $10 billion,” Musk’s lawyers said. saying. “This court should put an end to the plaintiffs’ fantasy and dismiss the lawsuit.”
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