Elon Musk’s Dogecoin [DOGE] has been making headlines. This time, however, it might not be for the best reasons. DOGE’s value began to fall as Musk announced his intention to step down as CEO of Twitter. The asset recorded a major drop in its price. During this time, it was revealed that the largest DOGE holder was transferring funds.
3.841 billion DOGE worth $280 million was transferred to the fifth largest Dogecoin holder earlier today. It should be noted that DPDLBAe3RGQ2GiPxDzhgjcmpZCZD8cSBgZ is the meme coin’s largest holder. The aforementioned amount of DOGE was sent out in a slew of transactions. These were the largest single-day transfers since the wallet’s inception.
After sending out a major chunk of its holdings, the wallet garnered 94,217,540 DOGE today. Currently, this wallet address has a balance of 34,689,760,474.65 DOGE worth $2,593,865,716.19.
Furthermore, some speculate that Elon Musk was behind this wallet and was moving funds. Others noted that this DOGE whale was preparing for the expected storm when Musk stepped down as CEO of Twitter.
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Dogecoin Goes Around the “Mulberry Bush”
Within 24 hours, the OG meme cryptocurrency fell from a high of $0.0782 to a low of $0.07091. The market was thrown into disarray as a result of the price drop. DOGE traded for $0.07462 at press time, down 4.12 percent daily. While many expressed concern about the future of Dogecoin, Peter Brandt, a prominent trader, predicted the same.
According to Brandt, Dogecoin is now undergoing a “round trip.” According to this, the asset’s price rises, followed by losses. The pattern gets its name from a popular children’s rhyme. The pattern here emphasizes that DOGE is stuck in a circle and is unable to move forward.
Furthermore, Dogecoin is still trading nearly 90% below its all-time high of $0.7376.