300M Dogecoin Moved In One Go As Market Enthusiasm Sends Whales Into Frenzy

Exactly 300 million Dogecoin (CRYPTO: DOGE) — the world's first and leading memecoin — were moved in a single transaction earlier today, after the coin's most famous fan and world's richest person, Tesla Inc (NASDAQ: TSLA) CEO Elon Musk sent it soaring by acquiring Twitter Inc. (NYSE: TWTR) amid rumors of possible future DOGE-enabled features.

What Happened: The 300 million Dogecoin moved earlier on Tuesday are worth more than $47 million as of press time, according to big transaction tracking service Clankapp. Dogecoin whale — cryptospeak for large holder — tracking service Dogecoin Whales shows that about 400 transactions worth more than $2 million each have been processed by the blockchain over the last 24 hours.

See Also: How To Get Free Crypto

The uptick in on-chain activity by Dogecoin whales follows this week's news that Musk acquired social media giant Twitter for $44 billion and sent the coin flying 13% higher thanks to hopes that he — being a notorious Dogecoin proponent — will integrate the digital asset in the platform. Shortly thereafter, Dogecoin and its competing memecoin Shiba Inu (CRYPTO: SHIG) saw a 400% increase in large transactions as the price rally resulted in the liquidation of $20 million worth of Dogecoin trading positions.