Whales — cryptospeak for large holders — owning leading meme coin Dogecoin (CRYPTO: DOGE) showed high activity levels with many notable transactions processed by the blockchain.
What Happened: Blockchain data service Clankapp shows that a single transaction on Tuesday moved nearly 34 million Dogecoin — valued at about $3.9 million as of press time. Furthermore, Dogecoin Whales also reported 118 transactions worth at least $2 million being processed by the blockchain over the 24 hours to press time.
See Also: How To Buy Dogecoin (DOGE)
Volume data from cryptocurrency market data service CoinMarketCap shows that DOGE trading volume spiked from about $382 million per 24 hours to well over $850 million in little to no time on Monday, which coincided with a pick up of activity on-chain. This uptick in activity was the result of Tesla Inc. (NASDAQ: TSLA) CEO Elon Musk tweeting that had no plans to sell his stake in Dogecoin — which resulted in the coin’s price jumping up by 10% shortly thereafter.
DOGE Price Action: As of press time, Dogecoin is trading at $0.1133 after seeing its price increase by about 0.33% over the last 24 hours.