Meme coins had a great week, courtesy of Elon Musk. A single tweet by Musk changed the fate of assets like Floki Inu [FLOKI]. However, the Tesla CEO’s favorite cryptocurrency Dogecoin [DOGE] did not perform as well as it was expected to. Nevertheless, this activated increased social volumes as well as some whale movement.
Earlier today, a wallet that has been dormant for about 2 years now moved 326.4 million DOGE worth $28 million onto a new address.
This wasn’t the only major transaction that occurred in the past couple of days. It was brought to light that a whale address pocketed a whopping 250 million DOGE on Thursday. During the transfer, the amount sent was worth $63 million. In addition, the whale also pocketed 200 million DOGE worth $39 million on Wednesday.
Several attributed these sudden but large transfers to Elon Musk’s tweet of a Shiba Inu dog and naming it the CEO of Twitter. As mentioned earlier, this tweet pushed Dogecoin from a low of $0.07998 all the way to a high of $0.09126.
However, the meme coin was enduring a correction similar to the rest of the market. At press time, DOGE was trading for $0.08634 with a 2.94% daily drop.
Dogecoin and its rising social volume
While the asset’s price did not even hit a monthly high, the social sentiment around DOGE took off. According to Lunar Crush, social engagements of Dogecoin surged by 25.3% throughout the week. Social mentions also witnessed a 24.1% pump.
“This pattern of social volume and highly positive sentiment toward #Dogecoin perfectly illustrates how euphoria creates price tops. Regardless of your opinion on $DOGE, hype on this asset in particular historically foreshadows market corrections.”