Dogecoin saw a sharp spike in whale activity after it was revealed that electric car maker Tesla would accept the cryptocurrency as payment for select goods. According to on-chain data, the original meme-based coin saw a 148 percent increase in “large transactions,” which are transfers worth $ 100,000 (roughly 76.11 lakh). The surge in whale activity comes at a time when Dogecoin’s valuation on global exchanges rose 40 percent in a single day on Tuesday, December 14th.
As first reported by Benzinga, data from Into The Block shows that the surge in large deals began shortly after DOGE jumped based on Musk’s announcement. The report also notes that social media market participants were quick to share a positive opinion about cryptocurrency, which resulted in DOGE’s social dominance on all platforms increasing 54 percent in 24 hours.
Elon Musk aka “Dogefather” was known for integrating DOGE payments with Tesla car purchases under the pseudonym “SHIBA”. The company had already started accepting Bitcoin payments earlier this year.
“Bitcoin is not a good substitute for transaction currency. Although it was created as a silly joke, Dogecoin is better suited for transactions. All of the transaction flow that you do with Dogecoin, like transactions per day, has much higher potential than Bitcoin. “Said Musk in an interview immediately after being named” Person of the Year “by Time Magazine.
Dogecoin whales can also move funds based on an announcement recently made by a DOGE developer that revealed that they managed to create the first non-fungible token (NFT) on the Dogecoin blockchain and publish the transaction, in which he shaped him.
The developer pointed out that the cost of minting the NFT on the Dogecoin blockchain was only 0.01 DOGE. The developer described the minting process and said he used SHA-256 hash functions to mint the NFT and store it on a checksum.
Search interest for Dogecoin exploded during the massive 10,000 percent price rally earlier this year, rising from an average of 135,000 monthly searches in April 2020 to 16.5 million in April 2021.
At the time of writing, Dogecoin has fallen in value, trading at $ 0.18 (roughly 14.44 rupees). The dog coin has fallen 1.9 percent in the past 24 hours.
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