2 years ago
Omkar Godbole is the elder newsman connected CoinDesk's Markets team.
Dogecoin is seeing renewed enactment from whales, oregon ample holders of the meme-focused cryptocurrency, according to on-chain information tracked by analytics steadfast IntoTheBlock.
The fig of transactions with a worth of astatine slightest $100,000 roseate to 2,440 connected Monday, the highest since Jan. 14.
"The fig of ample transactions is simply a applicable metric tracking the number of transactions greater than $100,000," IntoTheBlock's explainer says. "Since this sum of wealth is not disposable to the mean retail trader on-chain, the indicator acts arsenic a proxy to the fig of whales' and organization players' transactions."
The statement to bargain Twitter by Elon Musk, the billionaire CEO of Tesla and SpaceX, was announced Monday, and could person galvanized whale enactment successful dogecoin. The cryptocurrency jumped 19% that day, biggest single-day summation since Oct. 28, according to information provided by TradingView.
"Musk's acquisition of Twitter, which has played a cardinal relation successful crypto sermon and has adopted the plus class, has spurred speculation astir imaginable implications," crypto derivatives steadfast FRNT Financial's regular newsletter dated April 26 said. "For example, a fig of DOGE-related profiles person circulated an speech connected Twitter wherever Musk responded 'that would beryllium [sick]' to the proposition of replacing the societal media platform's bluish vertebrate logo 'to a doge.'"
"Speculation astir immoderate relation DOGE whitethorn play astatine a Musk-owned Twitter has besides been spurred by immoderate media outlets," FRNT said.
Musk is an outspoken proponent of cryptocurrencies and a longtime dogecoin fan.
In December, Musk, successful effect to a CoinDesk article, tweeted "Dooooge," suggesting the dog-themed cryptocurrency could assistance retail investors bypass precocious Ethereum transaction costs and entree decentralized finance.
In an interrogation with Time mag past year, Musk said dogecoin is amended suited for transactions than bitcoin.
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Omkar Godbole is the elder newsman connected CoinDesk's Markets team.
Omkar Godbole is the elder newsman connected CoinDesk's Markets team.
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