$930K Dogecoin Moved To Mysterious Wallet After Musk Steps Down As Twitter Chief

A Dogecoin DOGE/USD whale has moved over $927,413 worth of the meme coin from multiple addresses to a mysterious wallet.

What Happened: According to data from DogeChain, 13,501,212 DOGE was transferred with a mere transaction fee of 3.6 DOGE, which amounts to roughly $0.20.

13,070,441 $DOGE ($927,413 USD) was transferred from multiple wallets to an unknown wallet.

Fee: 3.63 ($0.26 USD)

Tx: https://t.co/jVnoMwNCyA#DogecoinWhaleAlert #WhaleAlert #Dogecoin #CryptoNews

— Ðogecoin Whale Alert (@DogeWhaleAlert) May 11, 2023

This move occurred amid the news of tech billionaire Elon Musk stepping down as CEO of Twitter. Although Musk did not disclose who he appointed as his replacement, he did mention that a woman would join Twitter in six weeks as he transitions to Twitter’s CTO, overseeing the company’s product, software, and sysops divisions. 

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Why It Matters: DOGE's price saw a decline of 3% since the announcement of Musk’s plan to appoint a new CEO. At the time of writing, DOGE was trading at $0.070.

Pseudonymous crypto analyst, The Wise Guy, believes that Musk's announcement of new CEO could be “bad news” for DOGE. “This news could increase sell pressure on the coin, leading to a further drop in its value.” 

Read More: Bitcoin, Ethereum, Dogecoin Drop Despite Mildly Upbeat Jobs Report, Price Data: Analyst Sees Elon Musk Stepping Down As Twitter CEO ‘Bad News’ For DOGE