The discussion on social media about whether Elon Musk deliberately raised the price of Dogecoin by changing Twitter’s logo to dispose of his holdings continues.
Lookonchain data shows that two of the top five DOGE whales sold over $120 million worth of the memecoin during its significant rally this week.
- Twitter’s new owner is well-known for promoting the original memecoin, having increased its value several times in the past through various means.
- Earlier this week, he changed Twitter’s Bluebird logo to the Dogecoin dog image, causing the crypto’s price to surge by 25% in minutes and over 30% within the next day, surpassing the $0.1 mark for the first time in months.
- The Bluebird logo has since returned, and DOGE has fallen considerably. Lookonchain on-chain analytics revealed that two of the top five Dogecoin whales sold 1.4 billion DOGE during the price increase (approximately $121 million).
Whale “DDuX” (the 5th holder) reduced 1.1B $DOGE($95.2M).
Whale “D8ZE” (the 3rd holder) reduced 300M $DOGE($28.6M).
Could these two addresses be related to @elonmusk? pic.twitter.com/Z9ku8O9MZK
— Lookonchain (@lookonchain) April 7, 2023
- It is essential to note that the Lookonchain team is not the only one questioning whether Musk sold a substantial portion of his holdings. In the past, he admitted to owning DOGE but never claimed to have sold any publicly.
- Recently, Bitcoin maximalist Jimmy Song suggested that Musk could be pumping DOGE’s price to dispose of his holdings.
Elon is pumping Doge so he can pay off his Twitter debt.
— Jimmy Song (송재준) (@jimmysong) April 4, 2023