The recent announcement that Twitter is finalizing the deal with Elon Musk was met with mixed reactions from the crypto community. We do not want to discuss issues related to the social network itself and how Musk’s move to buy it may completely sway the political situation in the US considering how influential the platform is. However, Elon Musk recently told his Twitter followers that one of the initial ideas related to the purchase of the social media platform was to use DOGE for tipping.
DOGE surged by 9.1% on October 4 when the news was made public. It has since dropped to its normal $0.06 price but never left the spotlight.
People are moving huge amounts of DOGE
While many think that such movements are quite common for the industry, the timing is quite strange. On October 4, nearly 500 million DOGE were moved from one unidentified wallet to another. It is equivalent to $29.6 million. On October 6, another transaction of 368 million DOGE ($25 million) occurred involving two different wallets.
Also read:While skeptics immediately started talking about how such movements are normal for the market, it looks like someone is preparing to make a huge move on the market. Whales may be consolidating their assets to prepare for a huge selloff. If Elon Musk decided to implement DOGE payments as part of the next stage of Twitter’s development, it could significantly affect the price.
Note that DOGE became a relevant token thanks to several tweets from Elon Musk made years ago. He is certainly not the biggest proponent of DOGE, but his influence is still very palpable. He can turn into the most important supporter if his plans to implement the meme token in its platform come to life in the nearest future.
DOGE is still a very speculative asset
DOGE is one of the most volatile assets among the TOP10 coins. It can move dramatically within a single trading day allowing many speculators to make money with leveraged positions allowed by Binance and FTX. However, the next year can change everything!
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