Dogecoin: Did Elon Musk Buy $45 Million Worth of DOGE?

Paigambar Mohan Raj
Dogecoin Surges as X (Twitter) Obtains License Required For Virtual Currency

The cryptocurrency market has entered another slump, with the global market cap falling to $2.39 trillion. Dogecoin (DOGE) has also faced a significant correction over the last few days, dipping 25.5% in the weekly charts and 14.8% in the 14-day charts. The asset is still up by nearly 18% over the previous month.

Source: CoinGecko

However, despite the correction, a recent whale purchase has thrilled the Dogecoin (DOGE) community. According to on-chain data, a whale wallet purchased 300 million DOGE worth around $45 million. There is a lot of speculation about who the whale might be, with Elon Musk being the top guess among many DOGE fans. Musk is an avid DOGE supporter, and many of his ventures accept DOGE as payment.

Also Read: Dogecoin: Elon Musk and the Market Await DOGE’s Move to the Top 7

One reason for the speculation is Musk sharing a DOGE meme on X just hours before the whale purchase. Fans and investors couldn’t help but notice the uncanny timing of the two events.

Nonetheless, there is no confirmation if Musk is the person behind the whale wallet.

Will Dogecoin (DOGE) rally?

Dogecoin (DOGE)

The latest market dip may have prompted the whale to increase its DOGE holdings. The whale may be anticipating a price spike soon. However, predictions around DOGE are not very bullish.

Also Read: Dogecoin: $1000 Weekly Since Launch Worth $181 Million in 2024

According to CoinCodex, Dogecoin (DOGE) will continue on a bearish trajectory over the next few weeks. The platform anticipates the memecoin to fall to $0.133 on May 1, 2024. Hitting $0.133 from current levels would translate to a decline of about 10.5%. Furthermore, CoinCodex predicts DOGE to fall below $0.13 by mid-May.

Source: CoinCodex

Changelly also paints a bearish picture for DOGE over the next few weeks. The platform anticipates DOGE to fall to $0.130460 on May 1, 2024. Furthermore, the platform predicts DOGE to drop to $0.127342 by mid-May.