Dogecoin (DOGE), which had a good rally with Tesla CEO Elon Musk’s brilliance, gave back some of its gains after the Twitter logo turned into a blue bird again. Meanwhile, rumors are circulating that Musk is taking advantage of this speculation. As crypto whales leave DOGE, they have other altcoins on their radar.
Is Elon Musk the whale selling 1.4 Billion DOGE?
“SmartMoney” follower Lookonchain noticed that two of the top five DOGE whales are selling large volumes of this popular meme token after surging over 30% earlier this week thanks to Elon Musk’s Twitter logo change. The follower wonders if these two wallets are linked to tech billionaire and Twitter owner Elon Musk.
1.4 billion Dogecoins were sold during the big rally. Lookonchain shared the details of these wallets and the transactions made from them. Whale “DduX” sold some of its Dogecoin holdings, disposing of 1.1 billion DOGE for approximately $95.2 million. The second wallet is called “D8ZE” and has sold 300 million Dogecoins for $28.6 million. These two are the fifth and third largest DOGE holders in the crypto space. The tweet contains links to BitInfoCharts detailing those transactions that took place on April 4.
Earlier this week, Santiment on-chain data aggregator also shared his opinion, claiming that whales close to Elon Musk made huge profits from the Dogecoin rally that followed the Twitter logo change. Santiment even suggested that Musk himself could be among those who benefited greatly from this price increase.
According to Santiment, DOGE as the Twitter logo boosted search requests by nearly 2,000% and boosted Dogecoin social sentiment to 15,000. cryptocoin.com As we reported, analyst Ali Martinez said that after this surge in social media, a major price correction could come as it did twice in the last year. As a matter of fact, the altcoin declined to $ 0.082 from $ 0.10 during the rally.
Whales continue to collect massive amounts of SHIB
Shiba Inu burn rate increased dramatically after dropping below zero the day before. Burn rate increased by up to 35,508 percent. This shows that 17,804,606 SHIBs have been burned in the last 24 hours. According to data from Shibburn on Twitter, only 50,000 SHIB worth $0.55 had been burned 48 hours ago.
SHIB has risen slightly in the last 24 hours to trade at $0.00001094 at the time of writing. According to WhaleStats, ETH whale “BlueWhale0073” recently purchased 148,782,308,867 SHIB worth $1,651,483.
Ethereum whale continues its buying spree
Lookonchain says a mysterious whale is making headlines in the Ethereum community by buying a leading altcoin. This investor has purchased 25,255 ETH from Binance since January 15 at an average cost of 1,649. In total, this whale spent about $46.8 million on Ethereum.
But the story does not end here. In the last 24 hours, this investor has bought another 1,290 ETH from the same major exchange, worth about $2.4 million at current market price. This shows that the whale has not finished accumulating Ethereum and has a high belief in the asset’s potential.
It is not uncommon for large investors to make large purchases of various digital assets in cryptocurrency. However, spending millions of dollars on a single cryptocurrency can raise some concerns. Of course, it’s hard to say what motivates a whale to buy such a large amount of ETH. They probably believe that cryptocurrency is cheap and see a huge profit opportunity if its price goes up. Instead, they can diversify their portfolio and view Ethereum as a solid long-term investment.
Whatever the case, it is important that a single investor has purchased such a large amount of Ethereum. It will be interesting to observe whether this whale continues to accumulate Bitcoin in the coming weeks and months or decides to cash out its holdings after a while.
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