Whale activities surges after Tesla’s CEO Elon Musk’s Announcement of accepting DOGE as payment for Merchandise. Let’s find out more about this.
Introduction
There’s been a surge in the value of Dogecoin after the recent announcements by the CEO of famous car Manufacturer company Tesla. The CEO made two statements regarding Dogecoin this past week. He first made comments saying that Dogecoin is better than Bitcoin as transactional Cryptocurrency. After that, he announced that Tesla will be accepting Dogecoin (DOGE) for Tesla related merchandise.
After these events it’s natural to assume that there was a surge in trading activities related to Dogecoin. As per the data, DOGE saw a 148% increase in large transactions. These large transactions are any transactions that are more than $100,000. This also corresponds to the 40% surge in DOGE value in a day.
The reason of the Spike in value
DOGE saw a spike in popularity immediately after Musk’s tweet announcing that DOGE will be accepted as payment for Merchandise by Tesla. This gave Dogecoin a spot in the limelight and catapulted the coin 54% in a span of a day.
Elon Musk and Dogecoin
Tesla has shown some interest in Cryptocurrencies. Last year Tesla announced that it will accept Bitcoin as payments. Elon Musk also plans to accept Dogecoin for payments for Tesla’s cars.
Elon Musk previously commented that, “Bitcoin is not a good substitute for transactional currency. Even though it was created as a silly joke, Dogecoin is better suited for transactions. The total transaction flow that you do with Dogecoin, like transactions per day, is much higher potential than Bitcoin.” Further proving his love for the Memecoin.
Dogecoin and the spotlight
The people’s coin has seen a lot of oblivious days, however this year has been a really pleasant and eventful year for the coin. Dogecoin’s popularity has shot up more than 10,000% this year. This further adds to why this coin is getting so much attention.
Conclusion
We’ve seen whale Activities surges after Tesla’s CEO Elon Musk’s DOGE Announcement of accepting the Memecoin as payment for their Merchandise. While whale pose a significant threat to the market, it’s really important to monitor their moves.
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