Over 315 million Dogecoin (CRYPTO: DOGE) were moved in a single transaction earlier today, as Dogecoin whales — cryptospeak for big holders — continue to be restless since Elon Musk's acquisition of social media giant Twitter Inc.(NYSE:TWTR) left many wondering if DOGE will be integrated into the platform.
What Happened: The transaction — processed on Wednesday — moved 315,169,403 DOGE from multiple addresses to an unknown wallet for a total transfer value of nearly $50 million as of press time, according to big transaction tracking service Clank. The transaction follows reports that 300 million DOGE were transferred in one go on Tuesday for a value exceeding $47 million at the time.
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Dogecoin Whales — a service dedicated to tracking big Dogecoin holders and their transactions — shows that over the last 24 hours, the blockchain processed 162 transactions worth at least $2 million each.
While this is a decently high degree of activity for this blockchain, it is a far cry from yesterday, when there were about 400 transactions of this value processed within 24 hours.
The increase in on-chain activity among Dogecoin whales was a reaction to Musk acquiring social media giant Twitter for $44 billion, which also resulted in the coin flying 13% higher.
After the market reacted to the news, Dogecoin and Shiba Inu (CRYPTO: SHIB) saw a 400% increase in large transactions as the price rally resulted in the liquidation of $20 million worth of Dogecoin trading positions.
