Large DOGE holder gets rid of 1,5 billion tokens following coin’s sharp rise in price

The withdrawal of assets from the wallet was made in three transactions between March 30 and April 4

05.04.2023 - 10:30

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What’s new? An unknown investor, one of the largest Dogecoin (DOGE) meme coin holders, withdrew 1,5 billion coins from his wallet. According to BitInfoCharts, the transfer was made in three transactions: 350 million DOGE on March 30 (~$26,82 million at the time), and 650 and 500 million coins ($65,78 and $51 million) on April 3 and 4 respectively, back then the asset’s rate momentarily jumped by 68%.

BitInfoCharts’ data

What else is known? Operations for the withdrawal of large sums in DOGE occurred amid the coin’s pump on social media. On April 3, Twitter CEO Elon Musk changed the logo of the social network to the image of a dog of the Shiba Inu breed, which is the mascot of the meme token, after which the DOGE rate rose to the mark of $0,105. As of April 5, 10:30 UTC, it has corrected to $0,09708, according to Binance.

Musk’s actions have sparked increased interest in the cryptocurrency. Popularity dynamics for the keyword “Dogecoin” on Google soared from 4 to a maximum of 100 scores in just a few hours after the logo change.

Unknown investor added $5,05 million in SHIB tokens to the wallet in 10 days

The total value of accumulated coins on the user’s address exceeded $255 million

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What is known about DOGE? The meme cryptocurrency was created in 2013 by Billy Markus and Jackson Palmer. In September, DOGE became the second most capitalized cryptocurrency on the PoW algorithm. It ranks eighth in the overall cryptocurrency ranking with a capitalization of $13,51 billion.

Earlier, the British division of Burger King said it wanted to accept Dogecoin as payment.

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