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Elon Musk Says He Hasn't And Won't Sell Any Dogecoin. Mega Whale Buys 420.69 DOGE On News. Coincidence? - Benzinga

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.”

Post Musk's tweet, the 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?

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May 21, 2021 at 09:08AM
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Elon Musk Says He Hasn't And Won't Sell Any Dogecoin. Mega Whale Buys 420.69 DOGE On News. Coincidence? - Benzinga
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