792,000,000 DOGE in Minutes – What’s Happening?

Recent analytics data shared by a popular blockchain sleuth has revealed that over the past two hours, a staggering Dogecoin lump has been moved by anonymous whales. Plus, another impressive DOGE stash was purchased over the past three days as the meme coin’s price faced a drawdown.

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792 million DOGE on move

Whale Alert, which monitors large cryptocurrency transfers and shares the details on its website and on the X handle, has revealed a mammoth Dogecoin transaction that occurred slightly more than two hours ago.

The transaction carried a whopping 792,000,000 DOGE evaluated at $157,580,591 at the time. This Dogecoin batch was transferred from one anonymous wallet to another, resembling an over-the-counter crypto trade.

Numerous commentators took this large transfer as a bullish sign for the original meme cryptocurrency.

In addition, cryptocurrency analyst and trader Ali Martinez shared a chart provided by on-chain data company Santiment showing whales having accumulated 150 million Dogecoin over the past three days. Those were wallets holding between 10,000 and 100,000 DOGE, and judging by the chart, they bought the dip on March 4-6. Cumulatively, these wallets now hold 24.48 billion Dogecoin.

Over the past 24 hours, Dogecoin has faced an impressive decline of 12.83%, hitting a bottom at $0.19. However, today, the price reversed, adding 5.39%. DOGE is currently changing hands at $0.20157.

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Cardano founder offers Musk to upgrade DOGE

On March 4, Cardano founder Charles Hoskinson tagged tech mogul Elon Musk in a tweet to offer to him to make a major upgrade on his favorite meme coin, DOGE.

Hoskinson said that this upgrade would help Musk make DOGE “a standard currency of X.” He suggested using a Bitcoin roadmap he had prepared two years ago for the purpose. Hoskinson assumes that Dogecoin is going to interact with Elon Musk’s recent AI product Grok that has been integrated on X and to use a new proof-of-work system to handle Grok AI’s heavy computing.

The proposal also includes state channels for super-cheap tipping on X and full smart contract support. The Cardano founder also suggested adding some quantum resistance to that.

Elon Musk, who is currently busy as the head of the U.S. Department of Government Efficiency (D.O.G.E.) did not respond to that offer. As for whether Hoskinson holds any Dogecoin, he admitted to not holding any.