Following a green candle the day before, the price of Dogecoin unexpectedly increased on Wednesday. Elon Musk might be the major factor in driving this surge. Although the post about the billionaire’s appearance at the Twitter headquarters has no relevance to Dogecoin, his historical influence on the asset’s price warrants this increase. According to reports, the agreement could be reached as soon as Friday, October 28, ending the six-month-long process.
Prior to the court-ordered deadline to complete the $44 billion acquisition, Musk tweeted a video of himself yesterday entering the Twitter offices in San Francisco. In the video, Musk could be seen entering the Twitter building while holding a sink.
Whales jump on the bandwagon
Whales, or high-volume investors, are paying attention to the Dogecoin price consolidation in the cryptocurrency market. According to Santiment’s on-chain data, starting late August, addresses with between 10,000 and 100,000 tokens have continued to purchase DOGE.
A cryptocurrency whale tracking account called Whale Alert has been keeping track of whale investors’ significant movements of millions of Dogecoin. Whales exchanged a total of 407,755,487 DOGE ($32.21 million) in two different transactions over the past 24 hours.
A lump sum transfer of 107,755,489 DOGE was made from an unidentified wallet to Binance, the biggest exchange in the world by 24-hour trading volume, 12 hours ago. The value of the fund at the time of the transaction was about $7.25 million.
Whale Alert also monitored the movement of roughly 300 million DOGE a few hours later. A total of 299,999,998 Dogecoins ($21.56 million) were transferred from one unidentified wallet to another, according to the cryptocurrency whale tracking tool.
