As per blockchain data service Clankapp, a Dogecoin (DOGE) whale — cryptospeak for an individual with large asset holdings — has moved a whopping 263 million DOGE, worth over $29 million, in a single transaction. This is one of the largest Dogecoin transfers ever recorded and is sure to get people talking.
It’s unclear why the large transfer was made or what will happen to the memecoins next. But it’s certainly an intriguing development in the world of cryptocurrency as geopolitical instability and economic uncertainty intensify.
Furthermore, the massive transaction, which took place on Wednesday, follows another ‘size’ DOGE transaction made on Tuesday with a whale moving nearly 34 million Dogecoin valued at nearly $4 million. Clankapp also showed that on the same day, DOGE whales performed 118 transactions worth at least $2 million being processed by the blockchain within 24 hours.
Dogecoin enthusiasts got really excited earlier this week when Tesla (NASDAQ:TSLA) CEO Elon Musk showed support for the cryptocurrency. This pickup of activity follows the billionaire’s tweet that he had no plans to sell his BTC, ETH, and DOGE holdings.
As a general principle, for those looking for advice from this thread, it is generally better to own physical things like a home or stock in companies you think make good products, than dollars when inflation is high.
I still own & won’t sell my Bitcoin, Ethereum or Doge fwiw.
— Elona Musk (@elonmusk) March 14, 2022
While it is unclear what role, if any, Dogecoin will play in Tesla’s future, the community is excited about the possibility of working with one of the most innovative companies in the world. Whether or not there is a partnership in the works, this news has generated renewed interest in Dogecoin and its potential uses. Some are even calling for Dogecoin to be added as a payment option on Tesla’s website. Whatever happens, it looks like Dogecoin is here to stay!
At last check, Dogecoin prices were changing hands at around $0.11, up 0.99% on the day.