Dogecoin whales accumulate nearly 1 billion DOGE in two days after Elon Musk’s crypto forecast

On By Littum

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Whales have collected almost 1 billion Dogecoin (CRYPTO: DOGE) within a period of 48 hours.

What happened: Cryptocurrency trader and analyst Ali Martinez shared data on X, indicating a significant uptick in Dogecoin purchases. This buying frenzy was sparked by Musk’s recent remarks about the potential future decline in cryptocurrency prices.

The data shared by Martinez revealed that Dogecoin whales have quickly bought over 470 million DOGE in the last two days. This increase in buying activity coincided with a 20% drop in the price of Dogecoin, from $0.39620 to a low of $0.31648.

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Despite the intense rally, the data also revealed significant DOGE selling.

On Friday, cryptocurrency tracker Whale Alert reported two large Dogecoin transactions sent to US-based crypto exchange Coinbase, presumably for sale.

Elon Musk recently hinted on social media that the price of Bitcoin (CRYPTO: BTC), Dogecoin and other cryptocurrencies could fall significantly in the next two years if dollar inflation is resolved.

This statement was made in connection with his role in the US Department of Efficiency, which is focused on reducing excessive government spending.