Elon Musk Party Ends On This Meme Coin: Whales Are Leaving!

Right after Twitter restored the original blue bird logo DOGE It looks like the party is over for the memecoin Dogecoin as its price has dropped over 9%. At the time of writing, DOGE is trading with a price of $0.085 and a market cap of $11.8 billion.

Earlier this week, Twitter owner and billionaire Elon Musk unveiled the Twitter logo in a shiba inu Changed it to “breast”. It was enough to generate huge enthusiasm within the Dogecoin community that drove the price of DOGE up to 10 cents.

As we know, Elon Musk has been an ardent supporter of Dogecoin. In announcing his move, he said the change to the logo was just to keep the promise he made in a previous conversation with a Twitter user.

The Dogecoin community has high hopes that Elon Musk will make DOGE the currency of Twitter in the future. However, this can also mean attracting regulatory scrutiny. No one is quite sure how Musk will achieve this.

Are Whales Close to Elon Musk Getting Dogecoin (DOGE) From Their Hands?

DOGE social volumes increased significantly with more than 30% price increase in a single day. Two days ago, popular crypto analyst Ali Martinez warned of a possible pullback. had been found.

On-chain data provider Santiment has shared some interesting insights behind this week’s DOGE price rally. Santiment explains how Dogecoin whales close to Elon Musk monetize the Dogecoin (DOGE) price pump. The report states:

Most people now know that when Elon does something on Twitter, it’s usually done to make you laugh, get attention, or make money. Perhaps in this case, all three have been achieved.

Santiment explains that there are numerous signals that show how top players are exiting the asset while making heavy profits. It explains how the three key metrics rise simultaneously.

  • Active Address and Circulation.
  • Transaction Volume.
  • Whale Operations.

The Santiment report adds:

“When these three metrics come together at a time when the asset is in a divergent uptrend independently of the rest of the markets, there is a pretty solid view that a local top is almost always forming here, and profiting is a wise decision.”

You can follow the current market movements here.


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