Whale investors have been active in the last 48 hours as cryptocurrency prices have been rising. Millions of Doge have been transferred by whale investors from well-known cryptocurrency exchanges to untraceable wallets and addresses.
In the midst of the cryptocurrency asset's skyrocketing price yesterday, whales traded more than 400 million units of DOGE. It's interesting to note that investors don't appear to be slowing down anytime soon.
381M DOGE Moved by Whales to Binance
Whale Alert noticed significant DOGE transfers to Binance, the biggest cryptocurrency exchange in the world. According to Whale Alert, whale investors sent a total of 381,482,648 (381.48 million) DOGE to the largest cryptocurrency exchange in the world based on transaction volume. Two distinct transactions were used to transfer this significant quantity of Dogecoin to Binance.
The first transaction happened about 16 hours ago, when an unidentified whale sent a total of 94,529,382 DOGE worth about $7.27 million to an address on Binance.
Dogecoin was traded in another major transaction today. This time, an unnamed whale sent 286,953,266 DOGE to Binance, according to the cryptocurrency tracking website. These dogecoins were worth $22.14 million when the deal was made.
Elon Musk Twitter Deal Surges DOGE Price
It is important to note that these significant Dogecoin transactions occur at a time when the cryptocurrency's value is experiencing an intriguing uptrend. News of Elon Musk's takeover of Twitter has boosted the value of DOGE. The world’s richest man, a Dogecoin proponent, recently completed a $44 billion deal to acquire the social media platform.
According to CNN, when the acquisition was finalized, Musk let go of two other executives, including former Twitter CEO Parag Agrawal. The crypto community anticipates Musk to support Dogecoin across a variety of Twitter services once he assumes control of the company's operations as CEO of Twitter, which is why he made the step.
Musk stated yesterday that Twitter would pay content providers and commercialize their work. As soon as the service is operational, Dogecoin may be added to the list of accepted payment options that users can use to claim their rewards.
DOGE Overtakes Solana to Become the Ninth-Largest Cryptocurrency
The price of Dogecoin has been supported by this speculative activity in the meantime. DOGE soared to a high of $0.085 earlier today. At the time of publication, DOGE had somewhat retraced and was trading at $0.083, according to Coingecko data. At the time of publication, the cryptocurrency was up 10% and had seen $3.7 billion worth of trading in a single day.
A few hours ago, the token achieved an impressive milestone thanks to Dogecoin's remarkable climb. Solana (SOL) was surpassed by Dogecoin to move up to ninth place in terms of market capitalisation. At the time of writing, Solana's market cap is $11.08 billion, compared to DOGE's estimated value of $11.38 billion.