The recent hype surrounding Dogecoin, sparked by Elon Musk's Twitter logo change, saw a rapid price hike of 33% as the original meme token decoupled from the broader cryptocurrency market. The surge was also followed by a massive boost in DOGE mentions across social media platforms, adding to the Dogecoin frenzy. Many people have speculated that some key players may have had advance information about the pump and have profited from the situation. An on-chain analysis by the data vendor Santiment reveals that indeed, whales and other major players who may have known in advance about the planned Dogecoin pump, had been taking their profits shortly before the change. It is likely they were familiar with Musk and his plans as they started a mild accumulation even before the move. It also appears that when whales were gaining their profits, small addresses (known as “fish”) were aggressively buying the asset, thus forming an indicator of a price top. With the price of Dogecoin falling following the Twitter logo change, it remains to be seen how the meme token will evolve in the coming weeks.
Eva Perez
- 2023-04-06
The Dogecoin Frenzy and its Suspected Link to Insider Trading
The recent Dogecoin price hike, sparked by Elon Musk's Twitter logo change, is being speculated to be related to insider trading by some key players. An on-chain analysis by Santiment reveals that whales and other major players might have likely known about the pump in advance.
![CandleFocus Dogecoin-PriceHike-ElonMusk-InsiderTrading](https://images.candlefocus.com/The-Dogecoin-Frenzy-and-its-Suspected-Link-to-Insider-Trading.jpg)