Dogecoin whales have made a significant splash in the crypto market in recent weeks, acquiring $225 million worth of DOGE coins, according to data from the on-chain analytics platform IntoTheBlock.
Crypto analyst Ali Martinez brought attention to this astounding purchase on Tuesday, stating that these whales bought around 3 billion DOGE in the last three weeks alone.
The surge in Dogecoin acquisitions comes amidst a bullish price outlook, driven further by influential figures such as Elon Musk. The billionaire tech entrepreneur has been a vocal supporter of Dogecoin, often causing notable price fluctuations with his tweets. Musk’s recent strategic move on Twitter has amplified the buzz around Dogecoin.
On Monday, he revamped Twitter’s logo, replacing the iconic blue bird with an “X” symbol. Musk updated his Twitter bio to display the Dogecoin symbol alongside this change, further cementing his backing of the meme-inspired cryptocurrency.
This move did not go unnoticed in the crypto community, leading to speculation about the potential integration of Dogecoin into the Twitter platform. Given Musk’s history of publicly endorsing DOGE, many believe his actions hint at the possibility of utilizing Dogecoin as a tipping currency for the app. As a result, investors rushed to capitalize on the positive sentiment, resulting in an immediate 9% surge in Dogecoin’s price.
Musk’s interest in cryptocurrencies is no secret. After acquiring Twitter for a staggering $44 billion last year, he merged it into his privately-held corporation, X Corp. In October 2022, Musk expressed his vision of creating an “everything app” with the acquisition, and now, his recent Twitter bio update has only fueled speculation of potential Dogecoin integration.
Cryptocurrency analysts have also been observing these developments closely. Popular crypto analyst Kaleo “@Cryptokaleo” weighed in, suggesting that Musk’s inclusion of Dogecoin in his bio alongside the X rebranding may not be a mere coincidence. The pundit believed that Musk might reveal his plans for integrating DOGE into the X app in the coming days or weeks.
Kaleo also emphasized the importance of being patient with DOGE, noting that the charts continue to indicate positive trends even after a minor correction.
“In the meantime, Dogecoin cools off a bit and catches up with the blood we’re seeing across the rest of the market. Why? People are impatient and they want immediate results. Rumours and hope only holds up for so long in a bear market. So, I think it’s a pretty solid move to continue to accumulate on any dips we get from here. The charts continue to look great and should even after a minor correction. Just gotta be a little patient,” wrote Kaleo.
At press time, DOGE was trading at 0.079, up just over 2% in the past 24 hours. In the past 48 hours, the top meme cryptocurrency has toppled Cardano to become the seven largest coin by market capitalization.
