This week, an anonymous crypto wallet transferred over $5 million worth of Dogecoin to the popular exchange oinbase">Coinbase. The intentions behind the hefty 67.81 million DOGE deposit remain a mystery, sparking speculation that a “whale” could soon dump the holdings.
This news comes as Tesla CEO Elon Musk continues his legal battle against disgruntled Dogecoin investors who accuse him of manipulating prices. Musk’s lawyers recently argued the lawsuit has dragged on too long.
Musk’s enthusiastic support of Dogecoin is well known. He first called it his favorite cryptocurrency in 2019. Since acquiring Twitter, he has further embraced Dogecoin, like changing Twitter’s logo to the coin’s Shiba Inu dog mascot.
The anonymous $5 million Dogecoin wallet transfer to oinbase">Coinbase has sparked intrigue given Musk’s ties to the meme coin. Some wonder if a whale-sized dump is imminent, which could lead to price swings. For now, the motivations behind the transaction remain a mystery.
