300M Dogecoin Moved In One Go As Market Enthusiasm Sends Whales Into Frenzy

Exactly 300 million Dogecoin DOGE/USD — the world's first and leading memecoin — were moved in a single transaction earlier today, after the coin's most famous fan and world's richest person, Tesla Inc TSLA CEO Elon Musk sent it soaring by acquiring Twitter Inc. TWTR amid rumors of possible future DOGE-enabled features.

What Happened: The 300 million Dogecoin moved earlier on Tuesday are worth more than $47 million as of press time, according to big transaction tracking service Clankapp. Dogecoin whale — cryptospeak for large holder — tracking service Dogecoin Whales shows that about 400 transactions worth more than $2 million each have been processed by the blockchain over the last 24 hours.

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The uptick in on-chain activity by Dogecoin whales follows this week's news that Musk acquired social media giant Twitter for $44 billion and sent the coin flying 13% higher thanks to hopes that he — being a notorious Dogecoin proponent — will integrate the digital asset in the platform. Shortly thereafter, Dogecoin and its competing memecoin Shiba Inu SHIG/USD saw a 400% increase in large transactions as the price rally resulted in the liquidation of $20 million worth of Dogecoin trading positions.