The largest holder of Dogecoin (DOGE) purchased 4.2069 coins after Tesla Inc (NASDAQ:
The largest holder of Dogecoin (DOGE) purchased 4.2069 coins after Tesla Inc (NASDAQ:TSLA) CEO Elon Musk said he hasn’t sold any of his DOGE holdings and has no such plans for the future either.
What Happened: Musk’s comments were made in response to a Twitter user who called him an “ultimate hodler.”
Yeah, I haven’t & won’t sell any Doge
— Elon Musk (@elonmusk) May 20, 2021
Post Musk’s tweet, a Dogecoin whale purchase 4.2069 dogecoins, amounting to $1.72 at press time, when DOGE traded 31.07% higher at $0.41.
See Also: How to Buy Dogecoin (DOGE)
The purchased amount is significant as 420 is a reference to cannabis culture, while 69 has sexual connotations. Musk’s tweets often contain such numeric references.
The whale’s wallet contained DOGE worth $15.02 billion at press time as per BitInfoCharts. Several transactions making references to 420 and 69 could be observed.
On May 19, the whale purchased 420.69 DOGE worth $172.48 at press time. Trades with similar references were seen made in April and March as well.
A significant transaction was the sale of 100 million DOGE worth $7.34 million on April 12.
Why It Matters: The whale account is speculated to belong to Musk or an admirer of the entrepreneur. The account has made transactions of 28.061971 DOGE, which is a reference to Musk’s birthday, which falls on June 28, 1971, reported Decrypt.
See Also: Dogecoin Mega-Whale? Elon Musk Thinks It Could Be Robinhood
DOGE spiked significantly after Musk tweeted an image featuring a Shiba Inu on a dollar bill placed on a laptop on Thursday.
The meme cryptocurrency gained 13.87% and 2.21% respectively against Bitcoin (BTC) and Ethereum (ETH).
BTC traded 12.2% higher at $41,734.42 and ETH 25.87% higher at $2,913.18 over a 24-hour trailing period leading up to press time.
Read Next: If Crypto Carnage Is All About Elon Musk, Why Is Dogecoin Not Off To The Moon?