Dogecoin (DOGE) Manipulated By Whales? A Look Off / On-Chain

This weekend has been a great one for the Dogecoin price (DOGE). Following Elon Musk’s confirmed Twitter acquisition, the DOGE price jumped 95% over the last seven days. Memecoin has risen to $0.14 several times, and currently sits at $0.11.

Musk’s gigantic influence on the DOGE price is an old acquaintance for the crypto market. The Tesla CEO and SpaceX CEO has been moving the market with his speeches for the last few years. Since the Twitter acquisition however, Musk has remained silent. Since the closing of the deal, Musk hasn’t mentioned Dogecoin.

Musk suggested in April that Twitter users could pay for their premium subscription, Twitter Blue, with Dogecoin. Rumours are currently circulating that Musk intends to make all users pay $20 per blue check mark.

Some Tesla products can already be purchased on the automaker’s website using Dogecoin. As payment for the Las Vegas Loop use, The Boring Company accepts cryptocurrency.

Musk may have good intentions, but not everyone believes so. Musk, SpaceX and Tesla were accused of manipulating DOGE prices in a lawsuit worth $258 billion. September saw the addition of seven investors as well six defendants to the suit, which included his tunneling company Boring Co.

Musk, along with the others in the suit, allegedly drove the Dogecoin price up by over 36,000% for two years before causing it to crash. In doing so, the defendants “made tens of billions of dollars at the expense of other investors,” according to the complaint.

Dogecoin Whales Are Manipulating the Price

But it’s not just Elon Musk, other whales seem to be setting the tone for the Dogecoin price as well. New on-chain data has revealed that there were three alerts for whales yesterday. The biggest whale sent 450 million DOGE and the seventh-largest whale got 10 million DOGE. Binance received 402 million DOGE.

With a gain of almost 30% in 24 hours, DOGE’s price surpassed $0.10 on Saturday for the first-time since May 2022. The table below is a post by an anonymous analyst on the chain. It shows the 30-day changes in DOGE holdings for the top 10 holders.

Dogecoin DOGE whales
Addresses of the Top 10 Dogecoins (DOGE). Source: Twitter

The analysis shows that DOGE’s price is highly related to two addresses.  The largest whale is Robinhood. It transferred 1.05B DOGE (107.4M), on October 05 and 28. Not elaborating what this means, it can be assumed that Robinhood is gathering a lot of retail interest for DOGE.

Further, the analyst notes that coincidentally, the address “DPDLBA” transferred 1.35B DOGE in early August. The price of DOGE rose to $0.85 after the transfer and was at its highest point since May.

DOGE Dogecoin whales
Doge holder: Whale activity Source: Twitter

Other addresses that have an effect on the market are the top-7 DOGE holders. Since October 6th the address was receiving either 5M or 10M DOGE per day. He also received 10M DOGE on Saturday and “it doesn’t seem to stop”.

“The last time address “DMuFDC” received DOGE started on July 26 and stopped on August 5, after which the price of $DOGE started to rise. Now that he is still receiving $DOGE, does it mean that the price of $DOGE will continue to rise?”, the analyst concluded.

DOGE USD Dogecoin chart
After the weekend rally, DOGE gains strength. Source: TradingView

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