Whales move billions of Dogecoin after Musk’s Twitter announcement

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Last Updated on 8 October 2022 by CryptoTips.eu

Jeroen Kok

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Whale Alerts, the website that charts movements of major crypto investors (so-called “whales”), reports that major investors have mainly moved Dogecoin this week. Since it is still not certain whether or not Tesla CEO Elon Musk will buy Twitter, the price of Dogecoin could become very volatile in the coming weeks.

If the deal goes through, Dogecoin could indeed play a significant role and the digital currency is likely to go higher. If the deal falls through, Doge’s price could plummet again.

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Billion Dogecoins

Interestingly, just after the Musk-Twitter news broke, on-chain data showed the movement of nearly a billion Dogecoins.

This latest data came from Whale Alert, which tracks the movement of cryptocurrencies on various blockchains. Based on the information, huge amounts of Doge were moved after the announcement of Musk’s (possible) Twitter purchase.

Musk also said this week that his ultimate plan is to create an app called “X, The Everything App,” which could include Dogecoin. The purchase of Twitter fits into this plan.

According to various sources, Musk is thinking of a version of the very successful Chinese app WeChat. This is a sort of “super app” that brings together various services such as groceries, social media, payments and takeaway orders. There is currently no Western version of the WeChat app.