Dogecoin Whale Moves $930,000 in DOGE After Elon Musk Appointed New Twitter CEO

A mysterious Dogecoin ($DOGE) whale has transferred over 13 million tokens of the meme-inspired cryptocurrency in a series of transactions that came shortly after Tesla and Space X CEO Elon Musk announced a new Twitter CEO.

The DOGE whale moved the 13 million tokens, worth over $927,000 at the time of the transaction, from different multiple wallets to a newly created wallet, in a series of transactions that cost them just 3.63 DOGE in fees, equivalent to $0.26.

These developments surfaced against the backdrop of Musk’s departure from the CEO position of Twitter, as the enigmatic entrepreneur recently revealed that Linda Yaccarino, NBCUniversal’s current head of global advertising, will head the microblogging platform.

Musk said he will still have a key role at Twitter, posting that Yaccarino will handle business operations while he will focus on product design and new technology.

Before announcing Yaccarino’s appointment, Musk had also posted that he would become executive chair. Musk also said on Friday that he was excited to work with Yaccarino on turning Twitter into X, the “everything app” similar to China’s versatile WeChat.

The Dogecoin whale’s move has triggered speculation and rumors about their identity and the reason behind the transactions. The move has been seen as a potential sign of market manipulation or an attempt to influence the market price of Dogecoin.

Dogecoin, which started as a meme-inspired cryptocurrency, has seen significant price fluctuations in recent months, largely driven by Elon Musk’s tweets and endorsements. However, the cryptocurrency has also been used for charitable causes, including raising funds for various charities and organizations.