A few hours after Dogecoin (DOGE) experienced double-digit gains, its fifth-largest holder transferred 650 million DOGE tokens (equivalent to $61.3 million).
The rally of Dogecoin was primarily instigated by Twitter’s recent decision to replace its homepage logo with the avatar of the crypto asset. Lookonchain, an on-chain surveillance resource, brought attention to the transaction today.
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On April 3, at 19:48 (UTC), blockchain data shows that the aforementioned transaction occurred when Dogecoin (DOGE) was being traded at $0.094, reflecting a 22% increase from its earlier price of $0.067.
Following the transfer, the address holding the DOGE tokens now possesses 3.78 billion Dogecoins, retaining its spot as the fifth-largest DOGE holder. Based on Bitinfocharts data, the address currently has an $80.14 million profit on its cumulative DOGE holdings.
The 650 million DOGE tokens were sent to the 18th largest DOGE holder on the Dogecoin rich list, but this address subsequently sold off 300 million DOGE. Due to the limited on-chain data available, the purpose of the transaction remains a mystery, leading some crypto enthusiasts to speculate about a possible dump.
The revelation has elicited mixed reactions, with some proponents claiming that Elon Musk may own the address, while others have dismissed such claims.
Dogecoin Trading Volume
Today, LunarCrush revealed that Dogecoin’s 24-hour trading volume has surged to $3.54 billion, marking its highest level in the last three months. As per LunarCrush, during the previous three occasions when such a surge occurred, DOGE’s value increased by an average of 18.4% in the following week.
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DOGE Avatar Replaces Twitter’s Homepage Icon
Yesterday, Twitter replaced its trademark blue bird logo on its homepage with the Dogecoin avatar, which subsequently led to a significant surge in the asset’s price. Following the change, Elon Musk drew attention to a conversation from last March, where he was dared to buy Twitter and replace the bird logo with the Dogecoin icon.
The disclosure triggered a rally in Dogecoin, causing its value to increase from $0.0767 to $0.1026 in less than three hours, reflecting a 33.7% surge. This upward trend resulted in increased demand for the asset and led to more selloffs as investors sought to capitalize on the price rally.
As of press time, the cryptocurrency is trading at $0.0968, indicating a 24.54% gain in the last 24 hours.
