Dogecoin is witnessing sell-off after impressive rise in late October
According to doge whale alertIn the past week, there were over 399 transactions that were tied to four million Dogecoins or more. In total, 7,949,363,850 Dogecoin worth $1,075,685,131 was transferred by the large wallet at an average spot price of $0.13. More surprising is the amount of the transfer fee paid for this – 865 DOGE, or $114.
Dogecoin is witnessing a sell-off after an impressive rise in late October. Dogecoin’s price doubled after Tesla tycoon Elon Musk completed the $44 billion Twitter deal. It was trading near $0.07 on Oct. 27 before Musk tweeted “the bird is freed” to announce the acquisition. It rose to $0.16 five days later.
Crypto observers claimed that investors bet that Musk would integrate DOGE into the platform’s payment mechanism, which was what prompted the price hike.
Dogecoin has since lost some of its gains, and the dog-themed cryptocurrency might be on track to mark its sixth day of losses since Nov. 1. The bulls got a little respite on Nov. 4, but the rebound was short-lived. At the time of publication, DOGE was changing hands at $0.1026, down 11.23% in the last 24 hours, per CoinMarketCap data.
speculation remains
Musk’s tweet last week of a photo of a Shiba Inu dog wearing a Twitter T-shirt sparked bets that he could allow cryptocurrency payments using Doge coins. The initial rally has since stalled as many cryptocurrency investors are confused about how serious he is about Dogecoin.
For example, when Musk referred to Dogecoin as a “hustle” on a talk show in May last year, the price of the cryptocurrency plummeted.
Then, in January of this year, Tesla began accepting Dogecoin in exchange for its merchandise such as “Giga Texas” belt buckles and miniature electric vehicle models. The Boring Company’s Vegas Loop also accepts Dogecoin. Doge can also be used to purchase the recently released fragrance “Burnt Hair” by Musk. However, whether Musk actually intends to use Dogecoin on Twitter remains unknown.
