Whales Transfer Almost 1B DOGE Following Musk's Revived Twitter Deal

Elon Musk's announcement of his revived Twitter purchase deal earlier this week hyped the cryptocurrency industry, especially Dogecoin holders. Interestingly, after the Musk-Twitter news broke out, on-chain data revealed the movement of nearly one billion Dogecoins.

The latest data came from Whale Alert, which keeps track of the movement of cryptocurrencies on various blockchains. Based on the information, massive quantities of DOGE were moved after Musk's Twitter purchase announcement.

An unknown wallet transferred a staggering 386,082,773 DOGE or approximately $25,187,368 worth of Dogecoin to another unknown wallet. In just a matter of minutes, nearly half a billion DOGE were transferred Thursday.

Interestingly, another massive transfer took place on the day the Tesla CEO announced his revived Twitter purchase deal. The on-chain tracker reported that 449,999,998 were transferred to another unknown wallet.

The transaction was worth around $29,249,999. Based on these two major transfers, whales have moved 836,082,771 DOGE, almost one billion, with an approximate value of $54,345,380.

Santiment, the market intelligence platform that provides on-chain and social metrics for cryptocurrencies, said that before major whale transactions came in Wednesday, DOGE's price "climbed back" to $0.065, noting that the whales are most likely in for taking profits.

"Dogecoin is up a solid +9% in the past day and a half, and the #memecoin is still ranked as the 10th largest market cap asset in #crypto. Whale transactions and funding rates have just spiked, which are two great predictors of price direction change," Santiment's Wednesday tweet read.

More than any metrics in market analysis, investor sentiment is one of the major indicators of price activity. Positive sentiment spikes the asset's price while negative sentiment sends it plummeting.

In this case, Musk's announcement encouraged positive sentiment, as seen in the whales' activities. But the latest data from CoinMarketCap reflects that the hype surrounding Musk's announcement has slowly simmered down.

As of 12:58 a.m. ET Friday, DOGE was trading down 3.63% at $0.06343 with a 24-hour volume of $325,713,111. It has not seen a significant price surge over the past months and is still trading down 73.9% at its current price compared to its year-on-year price of $0.242923.