690 Million DOGE in 48 Hours After Elon Musk's Statement — What's Happening?

Data Analysis Highlights Significant Dogecoin Whale Activity

According to cryptocurrency analyst Ali Martinez, Dogecoin whales have engaged in a substantial buying spree, acquiring nearly 1 billion DOGE in the past two days. This period has also witnessed substantial DOGE sales.

Accumulation and Distribution of DOGE

Martinez shared a chart depicting rapid Dogecoin accumulation over the past 48 hours. Whales have amassed over 470 million DOGE during this time.

Simultaneous Buying and Selling

Despite the buying spree, Martinez noted significant DOGE sales. Two substantial Dogecoin transactions, totaling 106,437,367 DOGE and 112,670,012 DOGE, were identified by Whale Alert. These transactions were likely intended for sale on Coinbase.

Elon Musk's Cryptocurrency Outlook

Elon Musk recently expressed concerns on social media platform X that Bitcoin, Dogecoin, and other cryptocurrencies may experience a price decline in the next two years, contingent on the resolution of dollar inflation.

Musk's statement suggests that if the U.S. Department of Government Efficiency (D.O.G.E.) succeeds in reducing government spending, the demand for cryptocurrencies may decrease as the value of the dollar rises.

Quote from Elon Musk:

"The price in dollars to buy cryptocurrency will actually drop, other things being equal. What matters is the ratio of dollars to crypto."