Benzinga and Yahoo Finance LLC may earn commission or income from some articles through the links below.

There are almost a billion whales Dogecoin (CRYPTO: DOGE) within 48 hours.

What happened: Cryptocurrency trader and analyst Ali Martínez Joint data on X suggests a significant increase in Dogecoin purchases. This buying spree was triggered by Musk’s recent comments about a possible future price drop in cryptocurrencies.

Data shared by Martinez shows that Dogecoin whales quickly purchased over 470 million DOGE in the last two days. This increase in buying activity was accompanied by a 20% drop in Dogecoin’s price, from $0.39620 to a low of $0.31648.

Don’t miss:

Despite the heavy accumulation, the data also showed significant DOGE sales.

On Friday, cryptocurrency tracker Whale Alert reported two large Dogecoin transactions believed to have been sent to US-based crypto exchange Coinbase for sale.

Elon Musk recently suggested on social media that the price of Bitcoin (CRYPTO: BTC), Dogecoin and other cryptocurrencies could plunge significantly over the next two years as dollar inflation resolves.

This statement came in the context of his role in the US Department of Government Efficiency, which focuses on reducing excessive government spending.

The story continues