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Whales have amassed almost 1 billion Dogecoin (CRYPTO: DOGE) within a span of 48 hours.
What Happened: Cryptocurrency trader and analyst Ali Martinez shared data on X indicating a substantial upswing in Dogecoin purchases. This buying frenzy was triggered by Musk’s recent remarks concerning the potential future slump of cryptocurrency prices.
The data shared by Martinez unveiled that Dogecoin whales have swiftly purchased over 470 million DOGE in the past two days. This surge in buying activity was concurrent with a 20% plunge in the price of Dogecoin, from $0.39620 to a low of $0.31648.
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Despite the intense accumulation, the data also revealed significant DOGE sales.
On Friday, cryptocurrency tracker Whale Alert reported two large Dogecoin transactions sent to the U.S.-based crypto exchange Coinbase, presumably for sale.
Elon Musk recently hinted on social media that the price of Bitcoin (CRYPTO: BTC), Dogecoin, and other cryptocurrencies could significantly plummet in the next two years if dollar inflation is resolved.
This statement was made in the context of his role in the U.S. Department of Government Efficiency, which is focused on reducing excessive government spending.
