Elon Musk’s Twitter buyout might have pushed crypto ‘whales’ to buy huge amounts of Dogecoin
After it was announced on Monday that “Dogefather” Elon Musk would be taking over Twitter, the price of the cryptocurrency jumped.
And it seems that increase was fueled by a large number of big-money transactions.
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.
Transactions above the $100,000 mark act as measure for the activity of “whales,” or large holders, of the meme-inspired cryptocurrency.
Whales can include high-net worth individuals, or institutional investors, like hedge funds or banks.
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
and hit a daily high of 16.5 cents. It has since cooled off, currently trading at around 13 cents.