The cryptocurrency, Dogecoin (DOGE) is probably among the most powerful memes after seeing transaction rates double even when its price soared.
Based on records from IntoTheBlock, dumping DOGE whales have made the transfer of their assets to the point where it reached a minimum value of $ 100,000, more than doubling earlier this week.
For the 24-hour observation, approximately 479 whales transactions have been made and the highest record of these asset transfers is said to have reached a value of 269 million DOGE (over $ 39 million) in one transaction.
At the same time, the recorded transaction rate has actually jumped 110%, compared to Bitcoin (BTC) which only saw 38%, and Ethereum by 12%.
Meanwhile, in just over a week, a total of $ 1.87 billion has been transferred to the Dogecoin network.
Coincidentally this massive transfer came at a time when DOGE prices were rising after Tesla’s founder, also a proponent of the meme coin was rumored to have made a purchase of Twitter shares.
Musk has become the largest shareholder, beating former Twitter CEO Jack Dorsey with a 9.2% ownership of the stake.
Data shows DOGE has increased nearly 35% in a month, and over 22% since last week.
While within 24 hours, this asset saw a jump of over 6% with value at the time of writing the article, $ 0.16 per unit.