Whales Transfer Nearly 1 Billion DOGE as Musk Revives Twitter Deal

• Crypto Whales moved 836,082,771 DOGE since Elon Musk revived the Twitter deal.
• The meme coin still ranks tenth-largest crypto with a market of over $8 billion.
• Twitter shares also rose by 22% as the information about Musk’s decision made news.

Elon Musk‘s news of his resurrected Twitter purchase agreement boosted the cryptocurrency market this week, especially among Dogecoin investors. On-chain data showed a cumulative transfer of nearly one billion Dogecoins after the Musk-Twitter news emerged.

Whale Alert, a service that monitors the flow of coins across several blockchains, reported that an astonishing 386,082,773 DOGE, equivalent to $25,187,368, were transferred from one unidentified wallet to another on Thursday.

Interestingly, a more significant transfer happened the day the Tesla CEO’s revival deal became public. The tracking services reported that 449,999,998 were transferred to another unidentified wallet, approximately $29,249,999, at the transfer time. In total, Whales have transported 836,082,771 DOGE, or nearly one billion, with an estimated worth of $54,345,380 based on these two significant transfers.

However, before the significant transfers by crypto whales, the market intelligence platform, Santiment, hinted that DOGE’s price climbed back by 9% to $0.065 in the previous 24 hours. It also added that whales were probably in it for profit-taking.

Additionally, these recent activities pushed up the seven-day price margin of DOGE by 4%, according to CoinMarketCap. Twitter also shares rose by 22% as Musk’s decision made  news.

Notably, the meme coin still ranks tenth-largest crypto with a market of over $8 billion. Nonetheless, the crypto market is generally retracing to the red zones. In the last 24 hours, Bitcoin has slipped below the $20k price point.