On-chain data reveals two of the largest Dogecoin (DOGE) whales in existence unloaded over a billion tokens as the top memecoin rallied during a Twitter logo change.
Blockchain-tracking firm Lookonchain says that the third and fifth largest Dogecoin holders sold off a combined 1.4. billion DOGE as the dog-themed crypto surged by about 30%.
[adinserter block="1"]The rally coincided with Dogecoin’s most famous supporter, tech billionaire Elon Musk, changing Twitter’s icon to the DOGE logo.
“Whale ‘DDuX’ (the fifth holder) reduced 1.1 billion DOGE ($95.2 million). Whale ‘D8ZE’ (the third holder) reduced 300 million DOGE ($28.6 million).”
The whale who sold the 1.1 billion DOGE made two separate transactions on April 4th and April 5th when DOGE was trading in the $0.09 level, according to Lookonchain.
The whale who sold 300 million DOGE did so in a series of transactions on April 4th, 5th and 6th. All sales occurred when DOGE was trading at around the $0.09 level.
The whales who unloaded their massive Dogecoin stacks are the two largest non-exchange DOGE holders, according to BitInfoCharts.
Twitter has since reverted back to using its original blue bird logo.
The logo swapping comes as Musk is fighting a $258 billion lawsuit that alleges he illegally drove up the price of DOGE by over 36,000% over the span of two years before letting it collapse.
The tech mogul’s lawyers have asked the judge to throw out the suit.
Musk’s lawyers recently told Reuters,
“There is nothing unlawful about tweeting words of support for, or funny pictures about, a legitimate cryptocurrency that continues to hold a market cap of nearly $10 billion. This court should put a stop to plaintiffs’ fantasy and dismiss the complaint.”
At time of writing, DOGE is trading for $0.0821, down 9.9% in the past 24 hours.
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