On Chain Data Reveals Large DOGE Whales Unloaded Over a Billion Tokens as Memecoin Rallied During Twitter Logo Change

The world of cryptocurrency is never short on excitement, especially when it comes to Dogecoin. On April 1st, the world’s largest meme cryptocurrency surged by about 30% as Tesla CEO Elon Musk changed Twitter’s icon to the Dogecoin logo. According to blockchain-tracking firm Lookonchain, this rally coincided with two of the largest Dogecoin holders in existence unloading over a billion tokens.

The third and fifth largest Dogecoin holders sold off a combined 1.4 billion DOGE as the top memecoin rallied during a Twitter logo change. Whale ‘DDuX’ (the fifth holder) reduced 1.1 billion DOGE ($95.2 million). Whale ‘D8ZE’ (the third holder) reduced 300 million DOGE ($28.6 million). Both whales are the largest non-exchange DOGE holders, according to BitInfoCharts.

The whale who sold the 1.1 billion DOGE made two separate transactions on April 4th and April 5th when DOGE was trading in the $0.09 level. The whale who sold 300 million DOGE did so in a series of transactions on April 4th, 5th and 6th. All sales occurred when DOGE was trading at around the $0.09 level.

Twitter has since reverted back to using its original blue bird logo. Meanwhile, Elon Musk is currently fighting a $258 billion lawsuit that alleges he illegally drove up the price of DOGE by over 36,000% over the span of two years before letting it collapse.

Musk’s lawyers have asked the judge to throw out the suit, stating that there is nothing unlawful about tweeting words of support for, or funny pictures about, a legitimate cryptocurrency that continues to hold a market cap of nearly $10 billion.

As always, the Dogecoin community is sure to keep the crypto world on its toes with its endless surprises and whimsical memes. Stay tuned for more updates on the world of cryptocurrency.