Dogecoin whale transactions increase 126% as Elon Musk buys 9.2% of Twitter shares

Over the past day, a meme coin saw 497 whale transactions, with the largest one worth over $39 million.

According to IntoTheBlock data, large DOGE transactions, which are defined as ones of a minimum $100,000 value, saw a huge spike as Elon Musk announced he will join Twitter’s board of directors.

As Tesla CEO becomes Twitter’s largest shareholder, some DOGE investors speculate that he may push for integrating Dogecoin payments into the platform. A similar idea was already voiced by Dogecoin creator Billy Markus, who proposed users would pay 1 DOGE to reply or tag someone.

Elon Musk is often regarded as “Dogefather” for his support for the meme coin, as his tweets often make DOGE surge in price. Currently, Dogecoin is the only digital currency Tesla accepts for some of its products since Musk revoked his decision to allow payments in Bitcoin.