Elon Musk, who came to the fore with his support for Dogecoin, replaced Twitter's blue bird logo with the DOGE symbol on Monday.
DOGE, which experienced a pump with this change, experienced an increase of over 30%.
However, Twitter with the DOGE icon was short-lived and the DOGE icon was removed last night and the blue bird logo appeared again.
While this change led to a 6% drop in Dogecoin, popular on-chain data platform Lookonchain noted today that two of the top five DOGE whales sold large quantities of DOGE before the DOGE token changed.
Ranking third and fifth among Dogecoin holders, these two wallets have sold 1.4 billion DOGE, worth $121 million in total.
The whale named "DduX" sold a portion of Dogecoin assets, 1.1 billion DOGE, for approximately $95.2 million, while the second wallet named "D8ZE" sold 300 million Dogecoins worth $28.6 million.
"On April 4, Twitter changed its blue bird logo to the Dogecoin icon, the price of DOGE increased by about 30%.
On April 7, it changed the logo back to the blue bird icon, DOGE's price decreased by about 6%.
During this period, 2 whales among the top 5 owners sold 1.4 billion DOGE (worth 121 million dollars) of DOGE assets.
Could these two addresses be related to Elon Musk?"
It is curious whether these two wallets selling large quantities of DOGE are linked to Twitter owner Elon Musk.
On Apr 4, @elonmusk changed the Bluebird to dog, the price of $DOGE increased by ~30%.
On Apr 7, he changed the logo back to Bluebird, the price of $DOGE decreased by ~6%.
During this period, 2 whales among the top 5 holders reduced their holdings by ~1.4B $DOGE ($121M). pic.twitter.com/k4whKR2s1u
— Lookonchain (@lookonchain) April 7, 2023
*Not investment advice.
