Elon Musk Twitter Effect on Dogecoin (DOGE) Wallet?

  • Activity from a Mysterious Dogecoin (DOGE) Wallet: After almost nine years, an unusual transaction occurred from a Mysterious Dogecoin (DOGE) wallet. It's interesting how the transfer of memecoin coincided with Elon Musk's takeover of Twitter earlier in the week.

  • On-chain data showed that the mysterious wallet sent significant transfers of DOGE tokens to several addresses. As the cryptocurrency community anticipated potential Dogecoin integration on Twitter, the price of DOGE shot up dramatically.

06 Nov 2022 By: Ashish Sarswat
Elon Musk Twitter Ef

A mystery Dogecoin (DOGE) wallet transferred assets nine years

 After it had last done so, in an unexpected connection with Elon Musk's takeover of Twitter.

Activity from a Mysterious Dogecoin (DOGE) Wallet: After a lapse of almost nine years, a Mysterious Dogecoin (DOGE) wallet exchanged funds in an intriguing move. Interesting timing between the memecoin transfer and Elon Musk's earlier in the week Twitter takeover. On-chain information revealed that the enigmatic wallet sent numerous addresses with large transfers of DOGE tokens. The DOGE price sharply increased at the same time as the cryptocurrency community expected future Dogecoin integration on Twitter.

Early Adopters Reactivated their DAO Wallets?

The fag end of 2014 marked the final time Dogecoin was actively used. In contrast, Dogecoin (DOGE) was introduced as an open source peer-to-peer cryptocurrency on December 6, 2013. This indicates that the wallet belongs to some of the Dogecoin project's first backers. According to information gathered by Whale Alert on the specified date, a dormant address containing 2,374,814 DOGE was awakened after 8.9 years.

Around November 2, when the $338,611 transfer from the inactive wallet was performed, DOGE's price increased by more than 100%. As of this writing, the price of DOGE is $0.1283 and has increased by 4.46% over the previous 24 hours, according to market monitoring site CoinGabbar. On November 5, there was a transfer of about $6 million worth of Dogecoin from Binance in yet another significant DOGE wallet transfer. Binance transferred 46,040,409 DOGE ($5,999,741) to an unidentified wallet.

On Twitter, Elon Musk Almost Approved Of Dogecoin Payments

The memecoin received the much-needed boost during the current bad market cycle thanks to Elon Musk's backing for Dogecoin. To be expected, after Musk's formal takeover of the social media company, the price of DOGE once increased by almost 125%. In the meantime, the cryptocurrency community is growing more optimistic about Dogecoin's inclusion in payments as the new Tesla CEO assumes leadership.

Musk really came close to dropping a hint recently when he accepted payments in Dogecoin via Twitter. On Halloween, he even tweeted a photo of a Shiba Inu dog sporting a Twitter outfit. More intriguingly, Musk favoured a tweet from a user who inquired on Twitter about the viability of cryptocurrency-based payments. This is the closest Elon Musk has come to indicating that Twitter crypto payments would soon become a reality.

Previous instances of bullish runs for the memecoin have been triggered by Musk's outspoken backing. Investors in DOGE may soon see additional rallies as a result of his Twitter takeover. Since Twitter Blue has been updated and will now cost $8, it's possible that the firm will look at integrating cryptocurrency payments.