Giant Whale Transacts Large Volumes of DOGE on Binance

A large cryptocurrency whale moved 172.2 million Dogecoins (DOGE), valued at $14.33 million hours ago, from Binance to a new wallet. The transaction appears to have been influenced by Tesla CEO Elon Musk’s Twitter profile picture replacing the Shiba Inu, the dog breed that inspired DOGE. After the transaction, the whale did not make any additional transactions, and at the time of this writing, the coins he carried from Binance are still in his newly opened crypto money wallet.

The logo change has sparked confusion and speculation among Twitter users, who wondered if it was an April Fool’s Joke, a sign of Musk’s support for DOGE, or a response to Musk’s ongoing lawsuit against DOGE. The logo change in question caused a 35% increase in the price of DOGE on April 3. The reinstatement of the logo change on April 7 resulted in a 10% drop in the price of DOGE.

The case concerned a Dogecoin investor who accused Elon Musk of running a ponzi system to support DOGE. The investor claimed that Musk and their companies Tesla, SpaceX and Boring backed Dogecoin and raised their price, but then allowed it to crash. The investor claimed that Musk used his influence as the world’s richest man to manipulate the market and profit from trading Dogecoin. The investor in question had sought $258 billion in compensation, three times the estimated drop in Dogecoin’s market value since May 2021.

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