Dogecoin Whale Activity Increase By 148% After Elon Musk's Announcement.

Dogecoin Whale Activity Increase By 148% After Elon Musk's Announcement.

2021-12-17 | Daniel Smith

Dogecoin Whale Activity Increase By 148% After Elon Musk's Announcement.

Big transactions of the meme-motivated cryptocurrency Dogecoin (DOGE) increased by 148% immediately after Tesla CEO Elon Musk said the company would accept DOGE purchases for goods. According to Into the Block statistics, Dogecoin witnessed a 148 percent spike in "big transactions," described as transactions on the blockchain with a value of more than $100,000, as first reported by Benzinga. Transactions began to surge quickly following the price of DOGE increased as a result of Musk's remark. According to Benzinga, market players swiftly conveyed favorable emotion on social networks about the cryptocurrency, boosting DOGE's social supremacy across platforms by 54% in the previous 24 hours. According to a recent disclosure issued by a DOGE developer, who stated they succeeded to build the inaugural non-fungible token (NFT) on the Dogecoin blockchain and released the transaction in which he minted it, Dogecoin whales may also be shifting cash. The developer highlighted out that the expense to mint the NFT on the Dogecoin blockchain was only 0.01 DOGE, which is lower than one penny. The minting technique was disclosed by the creator, who said he utilized SHA-256 hash algorithms to mint the NFT and save it on a Checksum. According to CryptoGlobe, query interest in Dogecoin skyrocketed amid the cryptocurrency's dramatic 10,000% price increase early this year, rising from an average of 135,000 monthly inquiries in April 2020 to 16.5 million in April 2021. Dogecoin was founded as a jest in 2013. The bitcoin ecosystem is well known for undertaking philanthropic endeavors such as assisting charity organizations. It made waves in 2014 when it raised and over $25,000 in DOGE to let the Jamaican bobsleigh squad compete in the Winter Olympics in Sochi. This week, Tesla CEO Elon Musk stated that he feels DOGE is superior to other crypto assets such as Bitcoin for transactions. The CEO also disclosed that Tesla would begin taking Dogecoin payments for merchandise.

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