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The speculations about whether Elon Musk purposefully inflated Dogecoin’s price by changing Twitter’s logo so that he can dispose of his holdings continue on social media.
According to data from Lookonchain, two of the five largest DOGE whales sold over $120 million worth of the memecoin amid its massive price rally this week.
Twitter’s new owner is known as a keen proponent of the original memecoin, having pushed its price higher numerous times in the past through various engagements.
The latest example came earlier this week when he changed the Bluebird Twitter logo to the dog picture of Dogecoin. Expectedly, the asset’s price exploded by 25% in minutes and over 30% within the next day. It soared above $0.1 for the first time in months.
The Bluebird logo has returned since then, and DOGE has retraced notably. Data from the on-chain analytics platform – Lookonchain – informed that two of the five largest Dogecoin whales sold 1.4B DOGE amid the price surge (worth about $121 million).
Whale “DDuX” (the 5th holder) reduced 1.1B $DOGE($95.2M).https://t.co/n6R2L7HKN7
Whale “D8ZE” (the 3rd holder) reduced 300M $DOGE($28.6M).https://t.co/nHLHf8pk60
Could these two addresses be related to @elonmusk? pic.twitter.com/Z9ku8O9MZK
— Lookonchain (@lookonchain) April 7, 2023
It’s worth noting that the Lookonchain team is not the only one questioning whether it was Musk who sold off a massive portion of his holdings. He has admitted in the past to owning DOGE but has never openly asserted that he had sold any.
Recently, popular Bitcoin maximalist Jimmy Song also claimed that Musk could be pumping DOGE’s price to dispose of his holdings.
Elon is pumping Doge so he can pay off his Twitter debt.
— Jimmy Song (송재준) (@jimmysong) April 4, 2023
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