256M Dogecoin Moves To Binance and Coinbase As Musk Twitter Takeover Effect Continues to Fade

Time Stamp: November 7, 2022 4:39 AM
Source Node: 1742748
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Large amounts of Dogecoin are being sent to cryptocurrency exchanges.

Cryptocurrency Whales Move Nearly 256M Dogecoin (DOGE) to Binance and Coinbase Despite Elon Musk’s Twitter Takeover.

Anonymous cryptocurrency whales are busy moving Dogecoin (DOGE) to crypto exchanges after a sudden price increase last week. Following Elon Musk’s Twitter takeover, one would expect Dogecoin investors to increase their position in the asset class. However, hefty amounts of Dogecoin are being sent daily from unknown wallets to crypto exchanges. This type of transaction is mostly seen whenever the owner wants to sell or swap the crypto asset.

Nearly 256M DOGE Moved: Details

Over the past 24 hours, cryptocurrency whales have moved 255,977,440 (255.9 million) DOGE tokens to trading platforms, including Coinbase and Binance. 

According to data shared by Whale Alert, the funds were moved in two different transactions. 

An anonymous crypto whale moved 212.3 million DOGE for the first transaction to San Francisco-based exchange Coinbase. The transaction, which took place yesterday at around 17:10 UTC, was worth $26.67 million.

Earlier today, another anonymous whale deposited 43,677,440 (43.67 million) DOGE tokens to a Binance address. The tokens were worth $5 million at the time it was reported.

It is gradually becoming a routine to see large amounts of Dogecoin transferred to exchanges. These transactions happened when DOGE’s price skyrocketed following Musk’s Twitter acquisition. From October 26th to Nov 1st, doge rose more than 150%. It seems whales are trying to benefit from these price increases as Elon’s Twitter takeover seems to fade away.

Recall that the world’s richest man completed a $44 billion deal to acquire Twitter. Since then, many have speculated that Dogecoin will “somehow” merge with the social media platform. Musk has been a Dogecoin proponent and has never stopped promoting the token’s widespread adoption. He has also adopted the token as a payment method across his businesses, including Tesla. Based on this, many expect Musk to create room for Dogecoin payments on Twitter. Musk hinted at this in a recent tweet, where he shared an image of a dog wearing a Twitter shirt.

DOGE Slump 9% in 24 Hours 

Meanwhile, the massive sale of Dogecoin by whales has negatively affected the token’s price. DOGE is down 9% over the past 24 hours, according to Coingecko data. The asset class is trading around $0.113 in the hours leading up to press time.

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