Dogecoin ($DOGE) Sees Whale Transactions Jump 110% Amid Ongoing Price Rally

Large Dogecoin ($DOGE) transactions have more than doubled over the last 24-hour period amid a price rise for the meme-inspired cryptocurrency that was supported by Tesla CEO Elon Musk buying a 9.2% stake in Twitter.

Data from IntoTheBlock, first spotted by Benzinga, shows DOGE whales have been moving their funds to the point large transactions, with a minimum value of $100,000, more than doubled at the start of the week.

In total, the meme-inspired cryptocurrency saw 479 whale transactions in the last 24-hour period, with the single largest transaction being for 269 million DOGE, worth over $39 million. Over the last seven days, $1.87 billion were moved on the Dogecoin network.

The large transactions come at a time in which the price of DOGE is rallying, along with the wider cryptocurrency market. Data shows DOGE is up 36.8% over the last 30 days and over 13% over the past week. In the last 24 hours alone DOGE moved up 5.8% partly thanks to Tesla CEO Elon Musk taking 9.2% of Twitter.

According to a filing with the U.S. Securities and Exchange Commission (SEC), Musk now holds 9.2% of Twitter, making him the largest shareholder in the company with more than four times the 2.25% of the microblogging platform’s founder Jack Dorsey.

Musk a regular Twitter user with over 80 million followers on the platform, and has been probing his followers on their thoughts about Twitter and social media. The Tesla CEO is also a Dogecoin supporter that has collaborated with developers to improve the cryptocurrency.

Along with DOGE’s co-creator, Musk has pushed for McDonald’s to accept payments in the meme-inspired cryptocurrency and has hinted SpaceX – a company he also owns – could soon accept payments in DOGE.

Tesla, as CryptoGlobe reported, has invested $1.5 billion in the flagship cryptocurrency Bitcoin, and is estimated to be up at least $1 billion on its investment, despite making a small sale after making its initial acquisition.

The electric car maker has also recently started accepting DOGE payments on its website, allowing specific products such as its “cyberwhistle,” its “Giga Texas” belt buckle” and its “cyberquad” four-wheeler for kids to be bought with it. These items are all priced in DOGE, ranging from 12,020 coins for the four-wheeler to 300 DOGE for the cyberwhistle.

On Tesla’s Dogecoin support page, the firm notes that customers who send the wrong amount of DOGE to its address may see their orders get canceled, and adds that if an order is overpaid in the cryptocurrency the “overpayment amount will not be refunded to the original form of payment.”

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