250M DOGE Move In One Go: Will The Whales Ever Calm Down?

Exactly 250 million Dogecoin DOGE/USD were moved from multiple addresses to an unknown wallet in a single transaction earlier today.

This comes as Dogecoin whales — cryptospeak for big holders — continue to show heightened levels of activity ever since Tesla Inc (NASDAQ; TSLA) CEO Elon Musk's acquisition of social media giant Twitter Inc. TWR left many hoping that he will integrate the coin into the platform.

What Happened: The transaction processed on Thursday moved exactly 250 million Dogecoin from multiple addresses to an unknown wallet for a total transfer value of over $35 million as of press time, according to transaction tracking service Clank. The transaction follows reports that 315 million Dogecoin were transferred in one go on Tuesday for a value exceeding $47 million at the time, which in turn follows a similar 300 million DOGE transaction the day before.

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While the Dogecoin blockchain still shows a higher than usual level of activity, it has considerably lessened compared to the day on which Musk's Twitter acquisition was announced, when there were about 400 transactions worth at least $2 million each processed within 24 hours.

After the market reacted to the news, Dogecoin and Shiba Inu SHIB/USD both saw a fourfold increase in large transactions, in addition to the liquidation of $20 million worth of Dogecoin trading positions. The announcement of Musk's acquisition of social media giant Twitter for $44 billion also resulted in the coin's value increasing by 13% that day.