Data shared by cryptocurrency trader and analyst Ali Martinez reveals that Dogecoin whales have embarked on a massive buying spree following Elon Musk's recent crypto-related statements on X.
Over the past two days, these whales have accumulated nearly 1 billion DOGE. However, this buying activity was not the only significant movement observed. Martinez shared a screenshot of a chart showcasing the rapid accumulation of Dogecoin within the last 48 hours. Whales have swiftly acquired over 470 million DOGE during this period.
This buying spree coincided with a significant price drop for Dogecoin, which plunged over 20% from $0.39620 to a local bottom of $0.31648. Since Thursday, Dogecoin has partially recovered, currently trading at $0.33189, representing a 4.66% increase.
Massive Dogecoin Sales Observed
Alongside the heavy accumulation, data also indicates substantial Dogecoin sales. On Friday, prominent cryptocurrency tracker Whale Alert spotted two massive Dogecoin chunks being transferred to Coinbase, the largest U.S.-based crypto exchange, likely for the purpose of being sold.
Musk Predicts Potential Crypto Price Decline
Several days ago, Elon Musk commented on the X social media platform that he anticipates a potential decline in the prices of Bitcoin, Dogecoin, and other cryptocurrencies within the next two years. This scenario, he explained, could unfold if dollar inflation is successfully addressed.
Forbes added that Musk's statement could be interpreted as suggesting that the U.S. Department of Government Efficiency (which Musk spearheads and prefers to call D.O.G.E. after Dogecoin) succeeds in its primary objective – reducing excessive government spending that has occurred under the Biden administration in recent years.
Musk tweeted: "The price in dollars to buy cryptocurrency will actually drop, other things being equal. What matters is the ratio of dollars to crypto."
January 2025, Cryptoniteuae