A large-scale transfer of 99,999,996 Dogecoin (equivalent to about 7.7 million USD) has been carried out from Binance to an unknown wallet. This transaction, tracked and reported by Whale Alert, has sparked further wild speculation around the potential involvement of Twitter, under the ownership of the high-profile tech entrepreneur Elon Musk, in Dogecoin.
While there is no official statement to back up the rumors, Elon Musk, now at the helm of Twitter and a renowned Dogecoin supporter, has been associated with possible plans to use Dogecoin as a currency on Twitter’s platform. A seemingly light-hearted act of changing Twitter’s logo to the Dogecoin symbol in April 2023 led to a surge in Dogecoin’s price by a staggering 30%. Though initially dismissed as a delayed April Fool’s joke or a diversionary tactic amidst Musk’s ongoing legal issues, the incident provoked ongoing conjecture about Twitter’s possible alignment with Dogecoin.
Dogecoin price is $0.077166, down -0.38% in the last 24 hours, and the live market cap is $11B. It has circulating supply volume of 140,415,976,384 DOGE coins and a max. supply volume of 140,415,976,384 alongside $887M 24h trading volume.
Musk has never hidden his fondness for Dogecoin, a cryptocurrency conceived as a joke in 2013. The Tesla and SpaceX CEO appreciates Dogecoin for its humorous appeal, its enthusiastic community support, and the ironic potential of becoming a mainstream form of currency. His previous endorsement of Dogecoin as the “people’s crypto” and his musings on the ironic turn of a joke cryptocurrency becoming ‘real’ have only fanned these speculations.
However, Musk continues to advocate for careful investment in cryptocurrencies, emphasizing that true value lies in the creation of products and services that serve the public good.
While the large Dogecoin transfer remains shrouded in mystery, the crypto world watches closely for the next development. Whether this represents a mere market flux or foreshadows a significant announcement in the world of crypto remains to be seen.
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