Dogecoin: Twitter Logo Change Prompts Movement of 650 Million DOGE

Sahana Kiran
Source – Unsplash

April 4, 2023 might go down in history as one of the most prominent days for the cryptocurrency industry. Elon Musk’s decision to replace Twitter’s logo with DOGE put the world’s largest meme coin under the spotlight. This surprising move brought about an array of changes to the DOGE ecosystem. The ones that decided to act swiftly are the crypto whales.

According to a recent discovery by blockchain sleuth Lookonchain, the fifth largest holder of DOGE decided to make a big money move. Following to logo change, the wallet reportedly transferred 650 million DOGE worth $61.3 million. The whale also decided to wait for the price of the meme coin to surge before selling out the asset.

This comes in addition to the already increasing whale activity in the Dogecoin network. Over the last weekend, Santiment revealed that addresses holding over 10 million DOGE had been increasing their accumulation since Jan.1, 2023. These whales entailed a total of $123.1 million in January. However, over three months they managed to acquire 1.47 billion DOGE.

Can Dogecoin maintain its hot streak?

As mentioned earlier, the logo change brought about several advantages to the meme coin. To start off with, the price of the asset rose from a low of $0.07663 all the way to a high of $0.1026. At press time, Dogecoin was trading for $0.1011 with a 28.64% daily rise.

Source – DOGE/USDT Chart on TradingView

The latest increase is well highlighted in the above chart. The MACD indicator further entered a bullish crossover earlier today. The Relative Strength Index [RSI] suggested that Dogecoin was being extensively purchased at the moment. The RSI marker can be seen residing in the overbought zone. The asset could retain its hot streak considering the increased buying activity in its market.

In addition, the trading volume of the meme coin rose by an astounding 631.56%. The market cap followed suit and surged by 27.83% which pushed the asset above Cardano [ADA]. Messari also noted how the network activity of DOGE grew. The total active addresses count of DOGE ascended to a three-month high. The number of active addresses in the network was at 94.88K, at press time.