Dogecoin (DOGE) Price Manipulated By Whales? A Look Off And On-Chain
31 Outubro 2022 - 6:27AM
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The Dogecoin (DOGE) price has had an incredible weekend. Following
Elon Musk’s confirmed Twitter acquisition, the DOGE price jumped
95% over the last seven days. The memecoin exploded to over $0.14
at times and is currently sitting at about $0.11. Musk’s gigantic
influence on the DOGE price is an old acquaintance for the crypto
market. Over the past few years, the Tesla and SpaceX CEO kept
moving the price with his statements. But since the Twitter
acquisition, he has gone quiet. Musk has not mentioned Dogecoin
since the deal was closed. Related Reading: Dogecoin Continues To
Thrive With Over 93% Gains In A Week However DOGE fans remember
April when Musk floated the idea of letting Twitter users pay with
Dogecoin for his premium subscription service, Twitter Blue.
Currently, rumors are circulating that Musk plans to have all users
pay $20 for a blue check mark. Some Tesla products can already be
purchased on the automaker’s website using Dogecoin. The Boring
Company accepts the cryptocurrency as payment for using the Las
Vegas Loop. Because of the massive influence on the market, not
everyone believes that Musk has good intentions. In June, a $258
billion lawsuit was filed against Musk, SpaceX and Tesla for
manipulating the DOGE price. In September, the lawsuit was expanded
to include seven new investors and six new defendants, including
his tunneling company, Boring Co. Related Reading: Why The DOGE
Price Rally Could Foretell An Altcoin Season According to the
lawsuit, Musk and the other defendants intentionally drove up the
price of Dogecoin by more than 36,000% over two years and then
caused it to crash. In doing so, the defendants “made tens of
billions of dollars at the expense of other investors,” according
to the complaint. Are Dogecoin Whales Manipulating The Price? But
it’s not just Elon Musk, other whales seem to be setting the tone
for the Dogecoin price as well. As new on-chain data shows, there
were three whale alerts yesterday. The largest whale transferred
450 million DOGE, while the seventh largest whale received 10
million DOGE. In total, 402 million flowed out of Binance. Three
Whale Alerts for $DOGE!👇 The top 1 holder transferred 450M
$DOGE($54M) out. The top 7 holder received 10M $DOGE($12M) again. A
total of 402.16M $DOGE($49M) flowed in to #Binance.#dogecoin
#DOGEUSDT #DogecoinRise #DogecoinWhaleAlert https://t.co/8uTanG78bG
pic.twitter.com/7Sx7eeDlFg — Lookonchain (@lookonchain) October 30,
2022 The price of DOGE surpassed $0.10 for the first time since May
2022 on Saturday, with a 24-hour gain of nearly 30%. An anonymous
on-chain analyst posted the table below, which shows the latest
30-day holdings change of the top 10 holders of DOGE. According to
the analysis, it can be seen that two addresses are highly
correlated with the price of DOGE. One of them is the largest
whale, the exchange Robinhood, which transferred a total of 1.05B
DOGE ($107.4M) on October 05, October 28 and October 29. Not
elaborating what this means, it can be assumed that Robinhood
is gathering a lot of retail interest for DOGE. Further, the
analyst notes that coincidentally, the address “DPDLBA” transferred
1.35B DOGE in early August. After the transfer, the price of DOGE
exceeded $0.85 and reached its highest level after May. The top-7
holder of DOGE is the other address impacting the market. From
October 6th, the address received 5M or 10M DOGE every day. He also
received 10M DOGE on Saturday and “it doesn’t seem to stop”. “The
last time address ‘DMuFDC’ received DOGE started on July 26 and
stopped on August 5, after which the price of $DOGE started to
rise. Now that he is still receiving $DOGE, does it mean that the
price of $DOGE will continue to rise?”, the analyst concluded.
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