Hit By Dump, Dogecoin Price Drop

JAKARTA – Not long ago, the price of Dogecoin (DOGE) decreased quite significantly. Especially after Elon Musk appeared on the television show SNL, even though he has pushed back the price of Dogecoin to a higher level.

According to a Cointelegraph report, surprisingly when musk started appearing on SNL on May 8, dogecoin prices were corrected by 42 percent. But Musk, his mother, and other SNL actors mentioned DOGE in the play.

This is a slightly different event because Dogecoin traded more than $ 130 billion in the past week. On the other hand, Dogecoin's market capitalization has also reached $ 65 billion.

This incident raises the question of whether "whale" or the largest dogecoin asset owner has a part to play in playing its part in lowering doge prices?

The DOGE rally pushed the Shiba Inu dog-logo coin to its highest level to break into the top four of cryptocurrencies by market capitalization. DOGE successfully displaced Tether (USDT), Ripple (XRP), Polkadot (DOT), and Cardano (ADA).

In terms of Google searches, the coin managed to get past the prima donna of Bitcoin (BTC) cryptocurrency. This is a big win for Dogecoin fans like Mark Cuban and others.

Whales, which are the biggest asset owners, appear to have sprung up since DOGE listed on the Robinhood cryptocurrency trading platform, as summarized by Cointelegraph.

According to the Cointelegraph report, there are 14 addresses of the largest Dogecoin holders. A total of 4.66 billion DOGE has been added to these addresses in the last 30 days.

But the "whales" have not proven to be the large number of DOGE sales they have made in recent days.

In terms of volume, Dogecoin itself increased by 290 percent compared to the previous week. Mekipun is far from the peak amount on April 16, which has reached $ 54 billion.

Until this news was written at 14:39, the price of Dogecoin was still at the level of Rp 7,134. Although the "Whales" had an important role in the price of Dogecoin, they were not shown to make massive sales.