Whale Buys 8 Million Dogecoins Worth $1.4 Million post Tesla update

Vinod Dsouza
Dogecoin whale to the moon
Source: Pixabay

An Ethereum whale purchased a whopping 8 million Dogecoin’s worth a staggering $1.4 million today. WhaleStats was the first to dish out the enormous transaction and tweeted, “An ETH whale just bought 8,000,000 $DOGE ($1,411,777 USD).”

The whale purchase comes at a time when Tesla announced they would accept Dogecoin as payment for eligible products. Tesla also added a Dogecoin QR code for payments and the amount would fall directly to the mentioned wallet address.

The ETH whale in question is currently enjoying profits as Dogecoin spiked +15% after the Tesla-Dogecoin news broke out. Elon Musk is single-handedly responsible for Doge’s rise in the indices as he tweeted, “Tesla merch buyable with Dogecoin.”

Within minutes, Doge spiked to double digits and the meme-token is now displaying extreme bullish sentiments in the market. The meme-coin touched $26.1 billion in market cap and its trading volume increased to $4.5 billion today.

Even the co-founder of Dogecoin Billy Markus took to Twitter saying, “Yo it’s happening! #dogecoin #doge4tesla.” He also replied to Musk’s tweet with a GIF that read, “Alright #dogecoin community, you know what to do.” However, only a few items are available for purchase with Dogecoin and many more products might be added soon.

Top Doge influencer Matt Wallace thanked Elon Musk for accepting the meme-coin as payment in his latest YouTube video. He also tweeted, “TESLA ACCEPTING #DOGECOIN IS HUGE!!!!!! Thank you, Elon! We are live right now on YouTube covering this.”

Wallace also confirmed that he purchased a product on the Tesla website by paying with Dogecoins. “I JUST BOUGHT SOMETHING ON THE #TESLA WEBSITE WITH $DOGE!!!” he tweeted. However, he didn’t mention which product he picked up from the website.

How High Can Dogecoin Go From Here?

Dogecoin spiking in price after Elon Musk’s tweet is nothing new. The meme-coin jumped to double digits after Musk tweeted in December 2021 that Tesla will accept Doge as payment for its merchandise.

However, Doge slumped in price the very next day and its hype fizzled out. This has happened multiple times as Musk has made Doge shoot up in price with just his tweets and statements.

The meme-coin has been struggling to cross the $0.25 mark for more than six months now. Doge is slipping to $0.15 every time it spikes in price and hovers around the same price for weeks. The same movement can be expected this time around as well.

At the time of publishing, Dogecoin was trading at $0.19 and is up +16.21% in the 24-hours day trade.