Elon Musk’s Twitter buy might have pushed crypto ‘whales’

Elon Musk’s Twitter buyout might have pushed crypto ‘whales’ to buy huge amounts of Dogecoin

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After it was announced on Monday that “Dogefather” Elon Musk would be taking over Twitter, the price of the cryptocurrency jumped.

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And it seems that increase was fueled by a large number of big-money transactions.

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The number of Dogecoin transactions over $100,000 hit 2,440 on Monday, the highest level since Jan. 14, as CoinDesk points out with data from market analytics firm IntoTheBlock.

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Transactions above the $100,000 mark act as measure for the activity of “whales,” or large holders, of the meme-inspired cryptocurrency.

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Whales can include high-net worth individuals, or institutional investors, like hedge funds or banks.

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Once Twitter announced that its board of directors had accepted Musk’s $44 billion buyout offer, the price of Dogecoin surged as much as 27% on Monday

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and hit a daily high of 16.5 cents. It has since cooled off, currently trading at around 13 cents.

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