An unknown pockets on Wednesday transferred 67.81 million Dogecoin DOGE/USD to the favored cryptocurrency trade, Coinbase.
What Occurred: This implies, over $5 million value of DOGE was transferred, whereas the precise intentions behind this switch stay unknown, however raises the opportunity of a whale dump.
This refers to a situation by which a big holder, generally known as a “whale,” sells a considerable quantity of a cryptocurrency, usually resulting in market fluctuations.
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Why It Issues: Curiously, this growth happens within the backdrop of a authorized battle between Elon Musk, the CEO of Tesla, and a bunch of disgruntled Dogecoin investors. In a latest court docket look, Musk’s authorized crew argued that the litigation has dragged on for an extreme interval.
Musk’s affinity for Dogecoin has been well-documented over time. All of it started in April 2019 when Musk tweeted that Dogecoin could possibly be his favourite cryptocurrency. Since then, his help for DOGE has solely gained extra momentum, notably after Musk acquired Twitter.
One notable second on this ongoing saga concerned Twitter briefly changing its brand with Dogecoin’s iconic Shiba Inu mascot round April Fools’ Day, additional cementing Musk’s affiliation with the cryptocurrency.
Value Motion: On the time of writing, DOGE was buying and selling at $0.075, up 1.50% within the final 24 hours, according to Benzinga Pro.
Picture Courtesy: Shutterstock.com
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