- Over 500 million Dogecoin has been transferred to two anonymous wallets
- The sending and receiving wallets are new, with no prior transaction history
- Community members speculatively suggest Elon Musk was behind the transfers
Speculation about tech billionaire Elon Musk buying Dogecoin (DOGE) has resurfaced in the crypto sphere amid the movement of over half a billion units of DOGE between unknown wallet addresses.
In a recent post on X, the large wallet tracker Whale Alert called attention to the massive transfer of 400,000,000 Dogecoin tokens. The meme tokens were valued at $34,115,063 at the time of the transaction. Notably, the identities of the sender and the recipients of the Dogecoin are unknown per the disclosure from Whale Alerts.
Further scrutiny of blockchain records suggests that the quantity of Dogecoin moved between the sender and the recipient is beyond the values captured in the tweet from Whale Alert.
In particular, the transaction hash suggested that the sender transferred 512,687,495 DOGE worth $45,880,404 to two recipients in the same transaction. While one of the recipients took a store of 400 million DOGE, the other got 112,687,494 tokens worth $9,537,757.
Notably, the sending and receiving wallets are freshly generated, with the just executed transaction marking their sole activity. Interestingly, the over half a billion units of Dogecoin moved attracted a paltry transaction cost of $0.09.
While blockchain records provided no clues to the entities behind the transactions, crypto community members are speculatively pointing hands at Elon Musk, given his longstanding rapport with the Dogecoin community. “Musk stores assets,” an X user remarked humorously while responding to the update from Whale Alert.
However, it is worth mentioning that Elon Musk has continuously dissociated himself from cryptocurrency. Last year, he tweeted that he used to be interested in crypto until the AI frenzy took center stage. In subsequent updates, Musk declared that none of his companies will launch a crypto asset.
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