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

newsbtcPublished on 2022-10-31Last updated on 2022-10-31

Abstract

The Dogecoin (DOGE) price has had an incredible weekend. Following Elon Musk's confirmed Twitter acquisition, the DOGE price jumped 95% over the last seven days. The memecoin exploded to over...

The Dogecoin (DOGE) price has had an incredible weekend. Following Elon Musk’s confirmed Twitter acquisition, the DOGE price jumped 95% over the last seven days. The memecoin exploded to over $0.14 at times and is currently sitting at about $0.11.
Musk’s gigantic influence on the DOGE price is an old acquaintance for the crypto market. Over the past few years, the Tesla and SpaceX CEO kept moving the price with his statements. But since the Twitter acquisition, he has gone quiet. Musk has not mentioned Dogecoin since the deal was closed.
However DOGE fans remember April when Musk floated the idea of letting Twitter users pay with Dogecoin for his premium subscription service, Twitter Blue. Currently, rumors are circulating that Musk plans to have all users pay $20 for a blue check mark.

Some Tesla products can already be purchased on the automaker’s website using Dogecoin. The Boring Company accepts the cryptocurrency as payment for using the Las Vegas Loop.
Because of the massive influence on the market, not everyone believes that Musk has good intentions. In June, a $258 billion lawsuit was filed against Musk, SpaceX and Tesla for manipulating the DOGE price. In September, the lawsuit was expanded to include seven new investors and six new defendants, including his tunneling company, Boring Co.
According to the lawsuit, Musk and the other defendants intentionally drove up the price of Dogecoin by more than 36,000% over two years and then caused it to crash. In doing so, the defendants “made tens of billions of dollars at the expense of other investors,” according to the complaint.

Are Dogecoin Whales Manipulating The Price?
But it’s not just Elon Musk, other whales seem to be setting the tone for the Dogecoin price as well. As new on-chain data shows, there were three whale alerts yesterday. The largest whale transferred 450 million DOGE, while the seventh largest whale received 10 million DOGE. In total, 402 million flowed out of Binance.
Three Whale Alerts for $DOGE!👇
The top 1 holder transferred 450M $DOGE($54M) out.
The top 7 holder received 10M $DOGE($12M) again.
A total of 402.16M $DOGE($49M) flowed in to #Binance.#dogecoin #DOGEUSDT #DogecoinRise #DogecoinWhaleAlert https://t.co/8uTanG78bG pic.twitter.com/7Sx7eeDlFg
— Lookonchain (@lookonchain) October 30, 2022

The price of DOGE surpassed $0.10 for the first time since May 2022 on Saturday, with a 24-hour gain of nearly 30%. An anonymous on-chain analyst posted the table below, which shows the latest 30-day holdings change of the top 10 holders of DOGE.

Dogecoin DOGE whales

Top-10 Dogecoin (DOGE) addresses. Source: Twitter According to the analysis, it can be seen that two addresses are highly correlated with the price of DOGE.  One of them is the largest whale, the exchange Robinhood, which transferred a total of 1.05B DOGE ($107.4M) on October 05, October 28 and October 29. 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. After the transfer, the price of DOGE exceeded $0.85 and reached its highest level after May.

DOGE Dogecoin whales

Whale activity by a DOGE holder. Source: Twitter The top-7 holder of DOGE is the other address impacting the market. From October 6th, the address received 5M or 10M DOGE every 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

DOGE consolidates following the weekend rally. Source: TradingView Tags: dogeDogecoinelonMusktwitter

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What is DOGE M

Doge Matrix ($doge m): The New Breed of Community-Driven Cryptocurrency Introduction In the ever-evolving landscape of cryptocurrency, new projects constantly emerge, each aiming to capture the interest of investors and enthusiasts alike. One of the latest entrants to this domain is Doge Matrix, represented by the ticker symbol $doge m. This project has attracted attention thanks to its roots in the popular meme culture surrounding Dogecoin, establishing its place within the web3 space. This article aims to provide a comprehensive analysis of Doge Matrix, covering its overview, creator, investors, functionality, timeline, and notable aspects. What is Doge Matrix ($doge m)? Doge Matrix is a community-driven cryptocurrency project that seemingly builds upon the widespread appeal of Dogecoin, a digital currency known for its Shiba Inu mascot and its meme origins. While the overarching objectives of Doge Matrix are not extensively defined, it is characterized by a commitment to harnessing community involvement and support. Unlike traditional cryptocurrencies that often emphasize utility or intrinsic value through underlying technologies, Doge Matrix positions itself within a space that embraces the cultural phenomenon of cryptocurrencies, particularly appealing to those who resonate with the ethos of meme-based assets. Drawing on the strengths of the Dogecoin community, Doge Matrix operates as part of a broader ecosystem, inviting participation and engagement from users who share an interest in cryptocurrency and the digital landscape. Who is the Creator of Doge Matrix ($doge m)? The identity of the creator of Doge Matrix remains unknown. This lack of transparency is not an uncommon occurrence in the cryptocurrency space, where some projects are launched without revealing the identities of their founders. The absence of information regarding the founding team can raise questions among potential investors about the project’s accountability and direction. Who are the Investors of Doge Matrix ($doge m)? As it stands, there is no publicly available information detailing the investors or investment foundations that back Doge Matrix. The project appears to rely primarily on community support rather than institutional investment. This model aligns with the community-driven nature of the initiative, fostering an environment where the direction of the project is shaped by its participants rather than being dictated by a select few financial backers. How Does Doge Matrix ($doge m) Work? The specifics regarding the operational mechanisms of Doge Matrix are somewhat vague, reflecting a broader trend of projects in the meme coin space where innovative functionalities are not always clearly articulated. Nonetheless, Doge Matrix seems designed to tap into the existing cryptocurrency ecosystem by encouraging user participation while tapping into the familiar cultural references associated with Dogecoin. Its potentially unique characteristics derive from community interactions rather than technological advancements, emphasizing shared experiences and collaboration among token holders. While the exact innovations have not been explicitly outlined, the project appears to create a space where community members can engage, share ideas, and propel the project's potential forward. Timeline of Doge Matrix ($doge m) Reflecting on the project’s timeline reveals notable events that have defined its journey thus far: November 25, 2024: Doge Matrix reached its all-time high value, marking a significant milestone in its early history. January 1, 2025: Conversely, Doge Matrix hit its all-time low value, illustrating the volatility often associated with cryptocurrencies, especially in the early stages of a project's lifecycle. Ongoing: The project continues to be actively traded and supported by its community, although specific future milestones or objectives have yet to be disclosed. Key Points About Doge Matrix ($doge m) Community Focus At the heart of Doge Matrix is a commitment to community engagement. The project thrives on the premise of collaboration and shared objectives among its members, emphasizing the importance of collective effort. Unlike centralized projects that often have a defined leadership structure, Doge Matrix at present showcases a more fluid approach to governance, where every community member's voice matters. Volatility The cryptocurrency market is notorious for its volatility, and Doge Matrix is no exception. 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As with any investment in the cryptocurrency space, understanding the inherent risks and conducting comprehensive research is essential for potential participants. Doge Matrix stands as a reminder of the dynamic, sometimes unpredictable nature of the crypto industry, marked by constant evolution and enthusiasm for community-driven initiatives.

3.8k Total ViewsPublished 2025.02.03Updated 2025.02.03

What is DOGE M

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