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Data shared by cryptocurrency trader and analyst Ali Martinez shows this Dogecoin whales They went on a huge buying spree. This happened after Elon Musk's recent cryptocurrency statement on X.
Over the past two days, they have raised nearly 1 billion DOGE. But there was not only buying of large Dogecoin coins.
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690 million DOGE were bought and sold in the past two days
Martinez shared a screenshot of a chart showing the very rapid accumulation of the native cryptocurrency Dogecoin over the past 48 hours. Over the past two-day period, whales have quickly scooped up more than 470 million doges.
This buying spree occurred when the meme-inspired cryptocurrency that originally parodied Bitcoin and used its token as a basis fell more than 20%, falling from $0.39620 to a local low of $0.31648.
Since Thursday, Dogecoin, with a few other dips and rises, has eventually recovered 4.66% and is trading at $0.33189 at the time of this writing.
Aside from this heavy accumulation, data on significant DOGE sales has also emerged. On Friday, prominent cryptocurrency tracker Whale Alert discovered huge chunks of Dogecoin being sent to the largest U.S. cryptocurrency exchange Coinbase with the possible intention of selling them there.
These cryptocurrency transactions carried 106,437,367 DOGE and 112,670,012 DOGE worth $35,889,352 and $37,990,922 at the time they were initiated.
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Elon Musk says DOGE and other cryptocurrencies could decline
several days ago, Elon Musk He commented on the social media platform
He explained that this may happen if the problem of dollar inflation is solved. Forbes added Musk's statement could be interpreted as if the US Department of Government Efficiency (which is led by the tech mogul and prefers to be called DOGE after Dogecoin) is succeeding in its primary mission – curbing the excessive government spending that has been occurring under Joe Biden in 2018. The last four years.
"The price in dollars to buy cryptocurrencies will fall, other things being equal. What matters is the ratio of dollars to cryptocurrencies," Musk tweeted.
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