On Thursday, blockchain analysis platform Lookonchain reported a massive Dogecoin (DOGE) transfer worth $28 million from a dormant wallet that had been inactive for almost two years. The transfer involved 326.4 million DOGE that had been sitting idle since 2021, raising speculations in the crypto community about its purpose.
Some analysts believe that institutional investors may be entering the DOGE market, while others speculate that it could be a large-scale trade or significant movement by a big player.
The news of the transaction resulted in a surge in DOGE’s price in the hours following the transfer; currently, it is trading at $0.08633, with a 5% rise in the weekly chart, as per CoinMarketcap’s data.
A day before the massive transfer, Elon Musk tweeted a photo of his dog, which many believe had a positive impact on the prices of both DOGE and Floki Inu (FLOKI). On Wednesday, DOGE rose by over 15%, while FLOKI surged by almost 66%, which many attributed to Musk’s tweet, as reported by TronWeekly.
Musk’s tweet featuring his Shiba Inu dog – the mascot of the meme-based cryptocurrency DOGE – set the crypto world abuzz. While DOGE has risen less than other major tokens in the past 24 hours, Musk’s history of tweeting and meme-ing about DOGE has sparked a flurry of online discussion among crypto enthusiasts.
Although some believe that Musk’s tweets are a way to troll the crypto community, others speculate that they could be a calculated move to increase the adoption and popularity of DOGE.
Despite its fair share of ups and downs, Dogecoin has managed to hold steady in recent months and remains a popular choice among investors and traders.
Musk’s Love Affair with Dogecoin Continues
Musk’s recent antics have kept the crypto world on its toes. A few days ago, he donned a DOGE t-shirt at the Super Bowl LVII, causing a brief mini-rally for DOGE’s price. His tweets and memes have become an integral part of DOGE’s journey and have played a crucial role in making it a popular cryptocurrency.
Musk’s latest tweet featuring his Shiba Inu dog has further fueled discussions about the future of DOGE. It remains to be seen what impact it will have on DOGE’s price and the wider crypto market. However, Musk’s history suggests that his love affair with DOGE is far from over, and the crypto community can expect more surprises in the future.