- They rank fifth and third, respectively, among crypto investors in terms of DOGE holdings.
- DOGE as a Twitter logotype increased search volume by over 2,000%.
Several minor holders started adding additional DOGE to their crypto stashes after the famous meme currency rose over 30% at the beginning of the week when Elon Musk momentarily made it the logo of Twitter.
According to “SmartMoney” tracker @lookonchain, when DOGE’s price surged by over 30% this week because of Elon Musk’s alteration to the Twitter logo, two of the five largest DOGE whales dumped large quantities of this famous meme currency.
Enormous Gains by Whales
Such wallets’ histories and transactions were made public by the account @lookonchain. Dogecoin “whale” “DduX” dumped 1.1 billion DOGE, or around $95.2 million, from his holdings. D8ZE, the second wallet, made $28.6 million from the sale of 300M DOGE. They rank fifth and third, respectively, among crypto investors in terms of DOGE holdings.
Santiment, an on-chain data aggregator, also weighed in on the Twitter logo change and the subsequent Dogecoin rise earlier this week, claiming that whales earned enormous gains.
Moreover, Santiment reports that the use of DOGE as a Twitter logotype increased search volume by over 2,000% and boosted Dogecoin’s social sentiment to the 15,000 level. According to analyst Ali Martinez, large price drops have followed similar spikes in social media discussions twice previously this year.
However, the logo switch was only temporary, and the familiar blue bird is once again the symbol of Twitter. As a result, the value of Dogecoin started to decline. According to CMC, the Dogecoin price today is $0.081525 USD with a 24-hour trading volume of $494,137,104 USD.
