271M Doge Transferred In A Single Transaction: Is Whale Unrest The New Normal?

Nearly 271 million Dogecoin DOGE/USD were moved from multiple addresses to an unknown wallet in a single transaction earlier Tuesday. 

Dogecoin whales — cryptospeak for big holders — are still showing increased levels of activity ever since Tesla Inc (NASDAQ; TSLA) CEO Elon Musk acquired social media giant Twitter Inc TWTR, leading many to hope he will somehow integrate the coin into the platform and spur market enthusiasm.

What Happened: The transaction processed Thursday moved exactly 270,999,999 million Dogecoin from an unknown address 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 a 250 million Dogecoin transaction that transferred the same coins from multiple addresses to an unknown wallet on Tuesday. This transaction was preceded by a nearly identical one as well.

See Also: How To Earn Free Crypto

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

Soon after the news of the Twitter acquisition news broke, Dogecoin and Shiba Inu SHIB/USD both saw a fourfold increase in large transactions, in addition to the liquidation of $20 million in Dogecoin trading positions.