- An announcement by a top crypto miner was speculated to be powering the purchase.
- The development signaled a departure from Elon Musk-induced movements.
A prominent investor purchased a huge amount of Dogecoin (DOGE), the most popular meme cryptocurrency in the world, generating news attention lately.
What happened?
On the 16th of April, a large sale of 300 million DOGE tokens, equivalent to around $45 million based on current market values, was recorded in the transaction. This significant purchase was made on the commission-free cryptocurrency trading platform, Robinhood.
The money that was taken out was later transferred to an unidentified digital wallet.
Immediately, speculations about the possible reason for the large purchase began doing the rounds.
No Elon Musk links this time?
MartyParty, a well-known figure in the crypto community, commented that this action from him may have been sparked by a recent declaration made by Bitmain, a leading manufacturer of crypto mining hardware.
The announcement revealed plans for the imminent launch of their Antiminer L9 product, capable of facilitating mining operations for various proof-of-work tokens such as DOGE.
In the realm of finance, just like other assets, the determinants of a price are influenced by market indicators but are not absolutely precise.
Nevertheless, the previously mentioned factor sheds light on DOGE‘s evolving market dynamics.
The first meme coin, supported by tech magnate Elon Musk on X (previously known as Twitter) several years ago, has become more connected to his views and business ventures.
This was a result of lack of fundamentals-driven catalysts for the token.
Investing in DOGE mining as previously mentioned could bring in more substantial investors, leading to consistent price growth for the coin.
DOGE gains in 2024
Simultaneously, the count of DOGE owners went up, reaching 6.61 million according to AMBCrypto’s examination of Santiment information.
Realistic or not, here’s DOGE’s market cap in BTC’s terms
This marked a jump of 38% over the year, and more than 15% year-to-date (YTD).
As the hype surrounding meme coins grew during the current bull market, DOGE made a leap, with its price reaching $0.15 at the time of reporting. This represented a significant increase of 68% since the year began.
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2024-04-17 17:12