- Several prominent Dogecoin transactions, including a $250 million DOGE transfer to Robinhood, have raised suspicions of Elon Musk’s participation.
- Dogecoin’s whale activity and price surge suggest a big bull run.
Both analysts and enthusiasts have paid attention to the recent significant transactions involving Dogecoin (DOGE). There has been considerable speculation regarding potential high-profile involvement in the transfer of over 250 million DOGE (approximately $49 million) to the Robinhood trading platform. In jest, certain individuals have pointed the finger at tech magnate Elon Musk.
The cryptocurrency industry is ablaze with possibilities, even though Musk—who is well-known for his fondness for meme-inspired coins—has not yet responded.
Elon selling
— The Crypto Monster 🍪🍪 (@MonstersCoins) March 28, 2024
Whale Movements Stir the Pot
The first to make public these significant DOGE transactions was the cryptocurrency tracking website Whale Alert. The most notable of them was the transfer of 250 million DOGE to Robinhood, and another sizable transaction of 83 million DOGE to an unknown address followed it quickly.
Because of Musk’s background with Dogecoin and the Robinhood platform, there has been a lot of conjecture in the community about the connection between these movements and possible future ventures from Musk’s businesses.
These transactions intriguingly align with Musk’s commercial endeavors, especially in light of his company’s recent acquisition of licenses to conduct payments in three additional U.S. states. Given Musk’s outspoken support for Dogecoin, this development has sparked conversations about potential new payment methods that may use the cryptocurrency.
Anticipation Grows Among the DOGE Army
The “DOGE army” is anticipating with bated breath the possible incorporation of Dogecoin into Elon Musk’s X social media network, echoing earlier coverage by ETHNews.
A decision like this might significantly affect Dogecoin’s value and acceptance, especially considering how much of an impact Musk has on market dynamics through his companies and social media presence.
Whale Activity Indicates Strong Momentum
Santiment’s on-chain analytics demonstrates Dogecoin’s robust momentum, which it attributes to significant whale activity. Since March 15, wallets holding between 10 and 100 million DOGE have added 1.40 billion DOGE, bringing the total amount in these wallets to 16.7 billion DOGE.
#Dogecoin whales have purchased 1.40 billion $DOGE over the past two weeks, worth around $280 million! pic.twitter.com/zswuyRpuLG
— Ali (@ali_charts) March 29, 2024
This accumulating pattern indicates that significant holders are becoming more optimistic about Dogecoin’s future.
Dogecoin has done nicely despite speculation and whale action. The cryptocurrency rose 1.30% to $0.2071, valuing it above $29.5 billion.
Analysts like Ali Martinez have praised Dogecoin’s strength and potential for a huge bull run like in 2018 and 2021. If this similarity maintains, DOGE may be on the verge of a massive parabolic bull run, according to Martinez’s analysis.
