The cryptocurrency community is abuzz with speculation after the staggering 118.4 million figure Dogemoneta DOGE/USD transfer to the investment platform Robin Hood.
This trade, reported Friday by Whale Alert on
The massive influx of DOGE onto Robinhood, worth more than $33.8 million, has sparked a flurry of speculation among social media users regarding the sender’s identity.
Some members of the X community jokingly suggested this Elon Muskwell-known Dogecoin enthusiast may be behind these transactions.
Last week, during his speech at the Tesla Giga Event in Berlin, Musk hinted that Tesla might accept DOGE payments in the future.
Read also: Forget Dogecoin and Shiba Inu: This meme coin increased by almost 70% in just 24 hours
Musk reiterated his support for Dogecoin, labeling it “the people’s currency” and contrasting it with Bitcoin.
This announcement led to a significant increase in the value of Dogecoin, with an increase of almost 17% between Wednesday and Thursday, although it was followed by a decline of 15%, bringing the price to $0.1621.
Speculation about these large Dogecoin transactions and Musk’s comments highlight the continued interest and volatility in the cryptocurrency market, particularly with meme coins like DOGE.
Meanwhile, recent data from IntoTheBlock highlighted a 39.78% increase in large transaction volumes for SHIB, totaling 14.36 trillion SHIB in a single day.
This spike in activity indicates increased interest from mainstream investors, often seen as a bullish sign in the cryptocurrency industry.
Amid these market movements, the Shiba Inu ecosystem is full of anticipation for upcoming updates. Developer Kaal Dhairya recently unveiled new features for Shibarium’s blockchain explorer “Shibariumscan”, aimed at improving usability and providing deeper insights to both developers and users.
At the time of writing, Dogecoin was trading at $0.1525, down 10% over the past seven days.
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