After Elon Musk tweeted about Dogecoin, significant activity was observed on the blockchain, with large holders moving approximately $65 million worth of DOGE. Contrary to expectations of a price increase following Musk’s endorsement, data indicates that major investors were selling their holdings.
This movement suggests that despite social media attention, some large investors may be taking profits or adjusting their positions. The impact on Dogecoin’s price remains uncertain as market participants react to both public sentiment and blockchain transactions.
**Why this matters**
Elon Musk’s tweets have historically influenced Dogecoin’s price, attracting retail investors and media attention. However, the recent selling by large holders highlights the potential disconnect between social media hype and actual market behavior. Understanding these dynamics is important for investors considering Dogecoin or other cryptocurrencies.
Source: NewsData