Dogecoin Whale Transactions Increase by 148% Following Tesla’s Announcement of $DOGE Payments for Merch

Large transactions of the meme-inspired cryptocurrency Dogecoin ($DOGE) increased by 148% immediately after Tesla CEO Elon Musk said the company would accept DOGE purchases for goods.

According to Into The Block statistics, the meme coin witnessed a 148% spike in “large transactions,” defined as transactions on the blockchain with a value more than $100,000, as first reported by Benzinga. Transactions began to surge quickly after the price of DOGE increased as a result of Musk’s remark.

According to Benzinga, market players swiftly conveyed favorable sentiment on social media about the cryptocurrency, boosting DOGE’s social dominance across platforms by 54% in the previous 24 hours.

According to a recent disclosure made by a DOGE developer, who stated they managed to build the first non-fungible token (NFT) on the Dogecoin blockchain and released the transaction in which he minted it, Dogecoin whales may also be shifting cash.

The developer pointed out that the cost to mint the NFT on the Dogecoin blockchain was only 0.01 DOGE, which is less than one penny. The minting technique was disclosed by the creator, who said he utilized SHA-256 hash algorithms to mint the NFT and save it on a Checksum.

According to CryptoGlobe, search interest in -the meme coin skyrocketed amid the cryptocurrency’s dramatic 10,000% price increase earlier this year, rising from an average of 135,000 monthly searches in April 2020 to 16.5 million in April 2021.

This week, Tesla CEO Elon Musk stated that he feels Dogecoin is superior to other cryptoassets such as Bitcoin for transactions. The CEO also disclosed that Tesla would begin taking DOGE payments for merchandise.

Patrick

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