Elon Musk Says He Hasn't And Won't Sell Any Dogecoin. Mega Whale Buys 420.69 DOGE On News. Coincidence?

The largest holder of Dogecoin (DOGE) purchased 420.69 DOGE and 4.2069 DOGE in different slots after Tesla Inc TSLA CEO Elon Musk said he hasn’t sold any of his DOGE holdings and has no such plans for the future either.

What Happened: Musk’s comments were made in response to a Twitter user who called him an “ultimate hodler.”

Post Musk's tweet, the Dogecoin whale purchase 4.2069 dogecoins, amounting to $1.72 at press time, when DOGE traded 31.07% higher at $0.41. The same whale also purchased 420.69 DOGE, worth about $172.5.

The purchased amount is significant as 420 is a reference to cannabis culture, while 69 has sexual connotations. Musk’s tweets often contain such numeric references.

The whale’s wallet contained DOGE worth $15.02 billion at press time as per BitInfoCharts. Several transactions making references to 420 and 69 could be observed.

On May 19, the whale purchased 420.69 DOGE worth $172.48 at press time. Trades with similar references were seen made in April and March as well.

A significant transaction was the sale of 100 million DOGE worth $7.34 million on April 12.

Why It Matters: The whale account is speculated to belong to Musk or an admirer of the entrepreneur. The account has made transactions of 28.061971 DOGE, which is a reference to Musk’s birthday, which falls on June 28, 1971, reported Decrypt.

DOGE spiked significantly after Musk tweeted an image featuring a Shiba Inu on a dollar bill placed on a laptop on Thursday.

The meme cryptocurrency gained 13.87% and 2.21% respectively against Bitcoin (BTC) and Ethereum (ETH).

BTC traded 12.2% higher at $41,734.42 and ETH 25.87% higher at $2,913.18 over a 24-hour trailing period leading up to press time.

Market News and Data brought to you by Benzinga APIs

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