Dogecoin Whales Offloaded Over 1.4B DOGE After Elon Musk Changed Twitter Logo To Dogecoin

According to the blockchain-tracking firm Lookonchain, two of the largest Dogecoin DOGE/USD holders sold off a combined 1.4 billion DOGE during the crypto's surge last week. The 30% spike in the crypto's price occurred following Elon Musk's decision to temporarily change Twitter's logo to Dogecoin's. 

"Whale 'DDuX' (the fifth holder) reduced 1.1 billion DOGE ($95.2 million). Whale 'D8ZE' (the third holder) reduced 300 million DOGE ($28.6 million)," the tracking firm said in a tweet on Friday. 

On Apr 4, @elonmusk changed the Bluebird to dog, the price of $DOGE increased by ~30%.

On Apr 7, he changed the logo back to Bluebird, the price of $DOGE decreased by ~6%.

During this period, 2 whales among the top 5 holders reduced their holdings by ~1.4B $DOGE ($121M). pic.twitter.com/k4whKR2s1u

— Lookonchain (@lookonchain) April 7, 2023

One of the two whales reportedly sold 1.1 billion DOGE and made two separate transactions on April 4 and April 5 when DOGE was trading at $0.09.

Another whale purportedly sold 300 million DOGE in a series of transactions on April 4, 5 and 6. All of those sales occurred when DOGE was trading at around $0.09.

Whale "DDuX" (the 5th holder) reduced 1.1B $DOGE($95.2M).https://t.co/n6R2L7HKN7

Whale "D8ZE" (the 3rd holder) reduced 300M $DOGE($28.6M).https://t.co/nHLHf8pk60

Could these two addresses be related to @elonmusk? pic.twitter.com/Z9ku8O9MZK

— Lookonchain (@lookonchain) April 7, 2023

According to a report by BitInfoCharts, the two whales are the two largest non-exchange DOGE holders. 

Also Read: Dogecoin Leaps On Elon Musk's Reported Twitter Payments Plan: Why DOGE Supporters Are Excited

In related news, Musk is fighting a $250-million lawsuit that claims he used a pyramid-scheme-like plot to prop up the price of Dogecoin. His lawyers called the lawsuit, brought by several Dogecoin investors, "fiction." 

Santiment earlier reported that the cryptocurrency possesses even more upside potential following last week's surge. DOGE's market-value-to-realized-value over the past 30 days is reportedly below the "danger zone," suggesting that the price of the meme coin could still go up. 

At the time of writing, DOGE was trading at $0.08307, up by four percent over the last seven days. 

Read Next: Elon Musk Does It Again! Endorses Dogecoin, Says He'll Keep Buying The Meme Coin

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