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

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.

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