Dogecoin, the most favourite meme cryptocurrency, has been registering significant gains over the last few weeks due to Doge-father Elon Musk’s Twitter acquisition worth $44 billion. Dogecoin price is experiencing immense buying pressure as it shoots by 150% in just a week.
However, the long bullish candles may be formed due to the significant influence of whale investors conducting a pump-and-dump game in the price chart.
Is Elon Musk Behind Killing DOGE Price?
Elon Musk is known for his tremendous influence in controlling the DOGE price as he has been luring investors into investing in Dogecoin over the past few years. Musk is the reason behind moving the DOGE price through his trustworthy tweets about the meme coin.
In April, Elon Musk stated that Twitter users would be able to pay the premium subscription fee of $20 using Dogecoin, which was great news to bring new highs for Dogecoin after the Twitter acquisition.
Furthermore, products from Tesla and the Boring company can be purchased using DOGE, which created enough pumps to take Dogecoin to new price levels.
However, in June, Elon Musk, SpaceX and Tesla were charged with fraud worth $258 billion for manipulating Dogecoin’s price. Last month, the lawsuit was further extended and gathered six new defendants and seven new investors.
According to the lawsuit, Elon Musk and six other defendants were involved in pushing Dogecoin’s price by over 36,000% in two years and then severely crashed the meme coin to the bottom line.
The lawsuit states, “The defendants made tens of billions of dollars at the expense of other investors.”
Whale Investors Play A Game With Dogecoin!
The current price movement of Dogecoin indicates a biggest conspiracy that is being led by whale investors, as $261 million has been taken out from the crypto market by 111K traders in the last 24 hours, and Dogecoin was liquidated most.
Nearly $61 million worth of Dogecoin has been sold in the last 24 hours, hinting at a panic situation among traders, which may initiate a downtrend soon.
Whale alerts also show Dogecoin movements between exchanges as the top 1 Dogecoin holder moved over 450 million DOGE in the network.
At the same time, the top 7 holders deposited 10 million Dogecoins. According to an unknown on-chain data provider, Dogecoin’s price broke $0.1 for the first time since May, and its current price movements are correlated with the top Dogecoin holders’ activities.
The Analyst highlighted that an address starting with ‘DPDLBA’ transferred over 1.35 billion Dogecoins, due to which DOGE price surged over $0.85.
According to the Analyst, the top DOGE wallet holders are controlling over 60% of the price movement.
The Analyst said, “The last time the address ‘DMuFDC’ received DOGE started on July 26 and stopped on August 5, after which the price of $DOGE started to rise. Now that he is still receiving $DOGE, does it mean that the price of $DOGE will continue to rise?”
Investors are advised to do research and conduct experts’ opinions before investing in this pump-and-dump situation of Dogecoin, which might lead to a significant loss.