A mystery Dogecoin ($DOGE) whale transferred almost 450 million tokens valued at more than $40.5 million in a transaction that cost only $1.01 in transaction fees, implying that they spent $0.09 to move such a large quantity of tokens.
According to the whale tracking website Dogecoin Whale Alert, the cash was transferred from one of the largest $DOGE wallets on the network to an unknown wallet.
It’s unknown whether the assets are held in cold storage by a cryptocurrency exchange or by a significant investor who transfers their $DOGE holdings throughout the network. The transaction occurred immediately after the cryptocurrency’s price rose in response to a rumor that Elon Musk aims to incorporate payment services into Twitter, which might include cryptocurrency.
Musk is a prominent promoter of Dogecoin, and his electric vehicle company Tesla began taking DOGE payments on its website in late 2021, enabling prices in it for particular goods such as its “cyber-whistle.” Musk has also suggested that SpaceX may begin accepting DOGE payments shortly.
Musk renewed his drive for McDonald’s to accept the meme-inspired cryptocurrency as a payment mechanism earlier this week after pressuring the fast-food behemoth.
In response to a tweet from McDonald’s official account, which had been dormant for a few months, a user asked Musk if his promise to eat a Happy Meal on TV if the fast-food restaurant accepted $DOGE as a payment mechanism was still valid, to which Musk replied favorably.
Elon Musk’s initial offer to McDonald’s came during a cryptocurrency market sell-off. It saw McDonald’s tease the cryptocurrency community with a tweet asking those who manage crypto Twitter accounts how they were doing following the sell-off.
Dogecoin was founded as a joke in 2013. However, the bitcoin community is well-known for humanitarian endeavors such as assisting charity organizations. It made waves in 2014 after generating over $25,000 in DOGE to allow the Jamaican bobsleigh squad to compete in the Winter Olympics in Sochi.