Dogecoin Records Massive Whale Accumulation After Twitter Payment Update

Whales transferred large amounts of Dogecoin (DOGE) amid reports claiming Elon Musk started applying for regulatory licenses in the U.S. for Twitter payments. The Dogecoin community has been actively awaiting Dogecoin integration on Twitter, as hinted by Elon Musk earlier. The DOGE price has rallied nearly 10% in the last 24 hours, while other cryptocurrencies fall.

Whales Jump Into Dogecoin Rally

According to Whale Alert, a whale transferred 450,000,000 Dogecoin (DOGE) worth nearly $40,221,539 at 01:16 AM UTC on January 31. The whale accumulation came after reports of Elon Musk’s master plan for Twitter payments surfaced in the crypto community.

Currently, Twitter payments will only utilize fiat currency, but cryptocurrency functionality will be available in the near future. The team under Esther Crawford, Director of Product Management at Twitter, is already involved in making the payments feature work for the platform. Musk earlier expressed interest in launching peer-to-peer transactions, savings accounts, and debit cards on Twitter.

It was not the only whale move, Dogecoin Whale Alert data revealed a number of whales accumulating DOGE. Another top-20 whale moved 352,422,225 DOGE worth over $32 million.

On-chain data reveals that nearly 2 billion Dogecoin (DOGE) tokens were traded in the last 24 hours, with total transactions of over 20,000.

Moreover, the whale that moved over 450,000,000 DOGE now has 1.18 billion DOGE tokens in the wallet and has become the 11th largest Dogecoin whale.

DOGE Price Moves To Hit $0.1

Dogecoin (DOGE) price jumped nearly 10% in the last 24 hours, with the price currently trading at $0.092. The 24-hour low and high are $0.085 and $0.095, respectively. Furthermore, the trading volume has increased by 150% in the last 24 hours, indicating an increase in interest.

However, the market-wide pressure ahead of the Fed rate hike decision may cause the Dogecoin price to lose earlier gains. Traders expect a 25 bps rate hike by the Fed, but a 50 bps rate hike is also on the table.

Also Read: Will India Reduce Tax Burden and TDS For Crypto in the Budget 2023?

Varinder is a Technical Writer and Editor, Technology Enthusiast, and Analytical Thinker. Fascinated by Disruptive Technologies, he has shared his knowledge about Blockchain, Cryptocurrencies, Artificial Intelligence, and the Internet of Things. He has been associated with the blockchain and cryptocurrency industry for a substantial period and is currently covering all the latest updates and developments in the crypto industry.