Dogecoin Whales Accumulate: 470M Tokens Acquired in Two Days

Dogecoin Whales Accumulate 470M DOGE Amid Price Dip

Cryptocurrency trader and analyst Ali Martinez shared data on X that revealed a sharp rise in Dogecoin purchases. Musk’s recent remarks on the potential future drop in cryptocurrency prices sparked this buying frenzy.

According to Martinez’s analysis, in the past two days, Dogecoin whales have swiftly purchased over 470 million DOGE. This surge in buying activity coincided with Dogecoin’s price dropping from $0.39620 to a low of $0.31648.

Elon Musk’s Inflation Warning Looms Over Bitcoin and Dogecoin Prices

However, the data also showed strong DOGE sales despite the severe accumulation. According to cryptocurrency tracker Whale Alert, two sizable Dogecoin transactions were transmitted to Coinbase, a U.S.-based cryptocurrency exchange, on Friday, most likely for sale.

On the other hand, if dollar inflation is controlled, Elon Musk recently said on social media that the price of cryptocurrencies like Dogecoin and Bitcoin may fall sharply over the next two years. His position in the U.S. Department of Government Efficiency, which focuses on cutting back on wasteful government spending, provided the setting for this statement. The bitcoin market will probably continue to be influenced by Musk’s remarks and actions as his position within the US Department of Government Efficiency develops.

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