Dogecoin Whales Scoop Up Billions Of DOGE On Musk-Induced Push — Is A Push To $1 Possible?

Dogecoin has continued to gain attention on the back of Elon Musk’s endorsements, particularly after the billionaire took over Twitter and promised to implement new payment features.

This week, however, the world’s largest cryptocurrency has been surging for a slightly different reason. Since Wednesday, the network’s die-hards have been pumping all things Dogecoin after Elon Musk teased pictures of a dog sitting on the Twitter CEO’s chair with a note written Floki. Musk then wrote, “The new CEO of Twitter is amazing,” before adding, “So much better than that other guy!”

The tweet saw DOGE jump by over 8% while Shiba Inu soared close by about 10%. On the other hand, Floki Inu spiked the hardest, spurred by Musk’s direct mention, and has since grown by over 180% to trade at $0.000063 as of writing.

DOGE Metrics Shine

Notably, despite Floki Inu’s gargantuan spike, attention now seems to be turning to Dogecoin, with several metrics showing an aggressive accumulation of DOGE by whales.

Earlier on Thursday, onchain analytics platform Lookonchain revealed in a tweet that a whale received DOGE worth $63 million from crypto exchange Crypto.com.

“Whale “D7vrVR” received 250M $DOGE($63M) from cryptocom 1hr ago,” the tweet read. According to the platform, the same whale had received 200M DOGE worth around $39M on Wednesday from the same exchange. The latest transfer thus saw the whale enter the top 20 list of the largest dogecoin whales. At press time, the said whale was holding 709,289,274.67 DOGE worth 63.3 million, as per data by Bitinfocharts.

Other whales and retail buyers also joined the frenzy amid the recent rally scooping billions of DOGE. Crypto analyst “Ali” shared a chart from onchain analytics firm Santiment, writing, “Dogecoin is ready to break out! DOGE whales have purchased over 1.06 billion $DOGE in 48 hours, worth roughly $94.34 million.”

In a separate tweet, the pundit highlighted Dogecoin’s growing appeal after a tough crypto winter. “Social sentiment around Dogecoin hasn’t been this positive since October 2022, when DOGE pumped 160%,” he wrote. 

According to data from Intotheblock, the percentage of holders currently making money with DOGE has since reached 63%, with exchange signals turning super bullish. Dogecoin is among the top 10 most purchased tokens among the 100 biggest BSC whales in the past 24 hours, according to data from Whalestats.

Meanwhile, despite recoiling slightly on Thursday, mainly due to profit taking by investors, Dogecoin’s positive metric puts its price in a recovery trajectory. At press time, DOGE was trading at $0.0885, up nearly 1% in the past 24 hours.