The past few hours have been quite dramatic for Dogecoin. After kicking start the day by opening at $0.143 on Tuesday, the largest meme-coin went on to create a multi-day high around $0.167. Carrying forward the same momentum on Wednesday, the coin opened around $0.153 and was seen changing hands around the same mark at press time.
Amidst DOGE’s dramatic price landscape, the number of large DOGE transfers from one wallet to another has been on the rise.
In a series of tweets, transaction tracker Dogecoin Whale Alert brought to light the amounts involved. The same varied with every transaction and largely projected values in the $600k to $11 million bracket.
As per the transaction aggregator’s updates, the cumulative value of the latest transfers was worth $938k. Dogecoin Whale Alert also highlighted that the said 6 million+ tokens were transferred from multiple wallets to an unknown wallet. To do so, a fee worth $0.39 had been paid.
Another parallel Dogecoin dev to keep an eye on
Owing to the whale transfers and recent price action, people were quite vocal about the coin on social media. Having said that, it should be noted that over 890 ‘doge coin’ tweets have gone out in just the past hour.
Parallelly, the hype around DOGE and Tesla was seen picking up pace.
For context, the DOGE community is eagerly awaiting for Tesla to kickstart its DOGE-inclined merch sales. The company’s ‘Technoking,’ Elon Musk, did reveal the company’s intention to do so in mid-December last year.
However now, on Crypto Twitter, talks about Tesla preparing to accept DOGE for its e-cars have been doing the rounds. Despite the chatter and speculation, it should be noted that there has been no official confirmation from the company.
Well, it is a known fact that Dogecoin’s price gets influenced quite easily by any positive development, especially the ones having something to do with its ‘Father,’ Musk.
So, are whales expecting a DOGE price pump post-Tesla’s official word? Are they are merely transferring tokens to cold wallets at this stage in anticipation of the same?
Maybe. Maybe not. Well, only time can tell.