The leading meme cryptocurrency is currently experiencing renewed whale activity on its platform, as per the report from the on-chain crypto analytic firm, IntoTheBlock.
Additionally, there has been an increase in the number of transactions with at least a value of $100,000, which surged to 2,440 on Monday. It was the highest recorded level since January 14.
Analysts believe that large transaction volumes are relevant metrics to use when tracking the number of transactions above $100,000. According to the IntoTheBlock expert, since a large sum like this is not readily available to the average retail trader, the indicator can be used as a proxy to represent the number of whales and institutional players involved in such huge transactions.
Elon Musk’s Twitter Takeover Drives Whale Activity
The deal to purchase the popular social media platform by the billionaire Tesla owner, Elon Musk, is seen as a trigger for the recent behaviors exhibited by the whales, as their activities on the Dogecoin network suggest that is the case.
The value of the meme token spiked by 19% on Monday following the news, which is the biggest single gain that the DOGE has ever recorded in a day since October 28 last year, as the data from TradingView revealed.
Furthermore, Musk’s acquisition of Twitter has continued to play a role in the ongoing discussion about the billionaire’s impact on the industry, with some speculation pointing toward a response attributed to Musk that he would welcome the idea of replacing the blue logo of Twitter with that of the DOGE.
Meanwhile, it is believed that the speculation about the proposed change of logo is spurred by some media outlets who disclosed that they see a Musk-owned Twitter coming to reality due to the increase in DOGE-related profiles on Twitter.
Perhaps there might be some elements of truth in some of the rumors making the rounds because of Musk’s inclination as a proponent of digital currency adoption and an ardent DOGE supporter.
Last December, the billionaire tweeted the name of the leading meme cryptocurrency in response to CoinDesk’s article about the high cost of Ethereum’s transaction fees, suggesting that DOGE would be the solution to help retail investors skip such high prices.
In a Time Magazine interview, he also reported that Dogecoin is better placed to serve as a transaction medium than Bitcoin due to its relatively lower transaction cost and price stability.
Twitter to Increase DOGE Adoption
After Musk tabled the offer to take over control of the popular social media platform, there has been widespread excitement from the Doge community, who see this as an opportunity to accelerate the progress of their favorite token.
Following the confirmation of the acquisition bid, the excitement reached a fever pitch because the meme cryptocurrency has been proposed as payment on Twitter by the Tesla boss, which, when approved, will boost the performance of Dogecoin.
It is left to be seen if Musk can fulfill some of the pledges he made concerning using DOGE payment on Twitter.