On-chain data shows that two of the largest Dogecoin (DOGE) whales in existence dumped over a billion tokens as the top memecoin rallied during a Twitter logo change.
Blockchain tracking company Lookonchain says that the third and fifth largest Dogecoin holders have sold 1.4 combined. Billion DOGE as the dog-themed cryptocurrency surged about 30%.
The rally coincided with Dogecoin’s most famous supporter, tech billionaire Elon Musk, changing the icon from Twitter 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 that sold the 1.1 billion DOGE made two separate transactions on April 4th and 5th when DOGE was trading at the $0.09 level according to Lookonchain.
The whale, which sold 300 million DOGE, did so in a series of transactions on April 4th, 5th and 6th. All selling occurred when DOGE was trading at around $0.09.
The whales that offloaded their massive Dogecoin stacks are the top two DOGE holders with no exchanges, according to BitInfoCharts.
Twitter has since gone back to using its original blue bird logo.
The logo swap comes as Musk is fighting a $258 billion lawsuit alleging he illegally boosted the price of DOGE by over 36,000% over a two-year period before crashing it.
The tech mogul’s lawyers have asked the judge to dismiss the lawsuit.
Musk’s lawyers recently told Portal:
“There is nothing illegal about tweeting words of support or funny pictures about a legitimate cryptocurrency that continues to hold a market cap of nearly $10 billion. This court should put an end to the plaintiffs’ imagination and dismiss the case.”
At the time of writing, DOGE is trading at $0.0821, down 9.9% over the past 24 hours.
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