Dogecoin has been making waves in the cryptocurrency world recently after its sudden surge of 33.7% in less than three hours. The surge was reportedly triggered by Twitter’s decision to change its homepage logo to the Dogecoin logo which was initiated after a conversation last March between Elon Musk and a Twitter user. After the logo change, an address belonging to the asset’s fifth-largest holder transferred 650 million Dogecoin tokens (DOGE), amounting for about $61.3 million. The transaction occurred at 19:48 (UTC), when DOGE was trading at $0.094, a 22% increase from the price of $0.067 it had had two hours prior. As a result, the address now holds 3.78 billion Dogecoin and boasts a massive $80.14 million profit on its cumulative holdings.

The asset’s hype surrounding the move stirred such a huge demand that it’s trading volume hit $3.54 billion over a 24 hour period. As per insights from LunarCrush, the following 7 days saw an average of 18.4% increase in price after similar huge trading volumes were witnessed. As of writing, the Dogecoin asset is trading for $0.0968 and is up 24.54% since the past 24 hours.

The ripple effect of the surge from the Dogecoin asset has brought more interest and activity to the world of cryptocurrency. Although the transaction remains a mystery, users have speculated that Elon Musk could be the one who initiated the large scale transaction. Despite claims, it is yet to be confirmed and DOGE is making steady return nonetheless, fueling more interest from investors and cryptocurrency lovers alike.



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