Reportedly, two top Dogecoin whales reduced their holdings by $1.4 billion during the three days the image of DOGE appeared on the Twitter web.
dog pose (DogeThe community had a short-lived thrilling moment after the tech billionaire Elon Musk removed the dog-themed logo from twitter inc, Three days ago, Musk replaced Twitter’s famous bird logo with the DOGE avatar. As a result, the price of Dogecoin increased by almost 30 percent to $0.1026. However, during the past 24-hours the price of Dogecoin has fallen by about 7.89 percent and is trading at around $0.085 during the early Asian trading session on Friday.
dogecoin teaser
Before Elon Musk changed the Twitter blue bird logo to Dogecoin’s avatar, the meme coin was stuck in a consolidation. The second largest prop-of-work (PoW) blockchain after bitcoin got technically free advertising on Twitter, which has more than 200 million monetizable daily active users (MDAUs).
The bird is back. pic.twitter.com/Tj6SBga1bc
— Michael Saylor ⚡️ (@saylor) April 6, 2023
However, on-chain analytics platform LookOnChain has revealed some unpleasant Dogecoin data. Reportedly, two top Dogecoin whales reduced their holdings by $1.4 billion during the three days the Doge image appeared on the Twitter web. While the two Dogecoin addresses are not named appropriately, LookOnChain questions whether they are closely related to Musk.
On 4th April, @Elon Musk turned bluebird into a dog, the cost of $ DOGE increased by ~30%.
On 7 April, they changed the logo back to the Bluebird, costing $ DOGE decreased by ~6%.
During this period, 2 whales out of the top 5 holders reduced their holdings by ~1.4B $ DOGE ($121 million). pic.twitter.com/k4whKR2s1u
— lookonchain (@lookonchain) April 7, 2023
Furthermore, Musk has indicated in the past that he owns Dogecoin both directly and indirectly. For example, Musk received payment via Dogecoin from his space exploration company after launching a satellite called Doge-1 to the Moon. Additionally, at the end of 2021 Musk announced That he had bought some Dogecoin for his young son X to be a ‘toddler holder’.
As a result, the Dogecoin community hopes that the tech billionaire will add Doge as a form of payment on social media platforms. In addition, Musk has added Bitcoin’s Lightning Network as a content creator tipping program. With Musk’s plan to turn Twitter into a mega Web3 protocol, Dogecoin is expected to be integrated as a form of payment in the future.
to the bottom
Support for Dogecoin has not been great for Musk in the past. Notably, Dogecoin was stuck in a logarithmic downtrend after reaching its 2022 ATH of around $0.73. Down more than 88 percent, a section of Dogecoin investors is suing Musk for causing the meme coin to suddenly crash down on investors.
In the $258 billion lawsuit, Musk and his attorneys have requested a Manhattan judge to drop the case because it lacks substantial merit.
“There is nothing illegal about him tweeting or posting funny pictures in support of the legitimate cryptocurrency, which has a market cap of roughly $10 billion,” Musk’s lawyers said. Said, “This Court should put a stop to the imagination of the plaintiff and dismiss the complaint.”
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