The top two Dogecoin whales reportedly slashed their holdings by $1.4 billion in the three days that images of DOGE appeared on Twitter Web.
The Dogecoin (DOGE) community had a short-lived thrilling moment after tech billionaire Elon Musk removed his dog-themed logo from Twitter Inc. Three days ago, Musk switched his Twitter’s famous bird logo to his DOGE avatar. As a result, the price of Dogecoin rose by nearly 30% to $0.1026. However, Dogecoin’s price has fallen by around 7.89% over the past 24 hours, trading around $0.085 during Friday’s early Asian trading session.
dogecoin teaser
Before Elon Musk changed Twitter’s blue bird logo to a Dogecoin avatar, meme coins were locked in consolidation. Second largest Prop of Work (PoW) blockchain after Bitcoin received technically free advertising on Twitter, with monetizable daily active users (mDAU) he has 200 million is exceeded.
Birds are back. pic.twitter.com/Tj6SBga1bc
— Michael Saylor ⚡️ (@saylor) April 6, 2023
However, on-chain analytics platform Lookonchain has revealed some disturbing Dogecoin data. Two of the top Doge whales reportedly slashed his holdings by $1.4 billion in the three days that Doge’s images appeared on his Twitter web. Although the two Dogecoin addresses are poorly named, Lookonchain questions whether they are closely related to Musk.
April 4th, @elonmusk Price when you change a bluebird into a dog $DOGE ~30% increase.
On April 7, he changed the logo back to Bluebird. $DOGE Decreased by ~6%.
Two of the top five holders of whales reduced their holdings by about 1.4 billion during this period. $DOGE ($121 million). pic.twitter.com/k4wKR2s1u
— Lookonchain (@lookonchain) April 7, 2023
Additionally, Musk has shown direct and indirect ownership of Dogecoin in the past. For example, Musk received payments from his space exploration company through his Dogecoin after launching his satellite called Doge-1 to the moon. Additionally, in late 2021 Musk announced That an infant son named X bought Dogecoin to become an “infant holder”.
As a result, the Dogecoin community wants tech billionaires to add Doge as a payment method on social media platforms. Additionally, Musk has added Bitcoin’s Lightning Network as a form of tipping program to content his creators. With Musk’s plans to change his Twitter to the Mega Web3 protocol, Dogecoin is expected to be integrated as a payment method in the future.
Downside
Dogecoin support has not been all optimistic for Musk so far. Notably, Dogecoin has fallen into a logarithmic downtrend after his ATH hits around $0.73 in 2022. Dogecoin plunged more than 88% after some investors sued Musk for allowing the memecoin to suddenly crash into investors.
In a $258 billion lawsuit, Musk and his lawyers have asked a Manhattan judge to drop the case, saying it lacks solid grounds.
“It’s not illegal to tweet words or funny pictures that support a legitimate cryptocurrency that maintains a market cap of nearly $10 billion,” Musk’s lawyer said. Said“This court should stop plaintiffs’ fantasies and dismiss the complaint.”
Next
![Steve Muchoki](https://www.coinspeaker.com/wp-content/themes/cs/images/team/steve-muchoki-profile-photo-01.jpg)
Let’s talk about cryptocurrencies, metaverse, NFTs, CeDeFi, equities and focus on multichain as the future of blockchain technology. Let’s win together!