Dogecoin price rise and a 110% jump in transactions come as Tesla CEO becomes the largest stakeholder at Twitter.
Dogecoin ($DOGE) transactions double as prices surge for the meme-inspired cryptocurrency following Elon Musk purchase of Twitter stakes.
DOGE Whales On The Move
Trading and transactions have more than doubled for Dogecoin in the short 24-hour timeframe since Elon Musk purchased a 9.2% stake in Twitter. Accordingly, huge DOGE investors moved their funds for large transactions with the digital currency at the minimum value of $100K per move.
In a first-of-its-kind scenario for Dogecoin, the cryptocurrency had over 470 transactions and the biggest one being valued at 269 million DOGE, equivalent to more than $39 million. In total, and over the past week, a staggering $1.87 billion moved on the meme-inspired network.
The sudden appeal of DOGE is happening as the coin’s price rallies along with the general digital currency market. In the past month, Dogecoin’s price went up 36.8% and more than 13% in the past week alone.
Tesla CEO At The Core Of The Hype
A filing with the U.S. Securities and Exchange Commission (SEC) showed that Elon Musk now owns 9.2% of Twitter. This percentage means he is the single largest shareholder in the tech company, surpassing by 4 times the founder of the social platform, Jack Dorsey.
Indeed, the Tesla CEO is a fan of microblogging and a regular tweep gathering a followship of over 80 million. Lately, he’s been tweeting about his thoughts on free speech and surveying his followers about Twitter’s performance and features. Moreover, Musk is a known Dogecoin proponent and has collaborated with coin developers to enhance the cryptocurrency’s acceptance. This includes a push for fast food giant McDonald’s to accept payments using DOGE and an announcement on Tesla’s website that DOGE payments are accepted.