Dogecoin Whales Unleash 219M Coins After Musk’s D.O.G.E. Reversal

Dogecoin whales have accomplished a very unexpected goal by releasing an overall of 219 million DOGE, which remains in sharp contrast to recent events due to the Dogecoin Musk’s endorsement.

The sole endorsement for the meme coin was thought by a large community to be turning around due to Musk’s insights on government spending.

The newly revealed estimates of Musk alongside the acronym used by the spending department that resembles “D.O.G.E” appears to have fueled anxiety within the Dogecoin community.

Musk’s Reversal Controversy At The Heart Of It

Musk was initially outspoken against government expenditure however, Elon in the recent weeks began to speak in favor of it especially after the rally of October where he claimed to reduce spending by 2 trillion dollars.

Other than making bold promises the new estimates he provided during the event did not add up and only raised flags for crypto fans across the borders. For Dogecoin investors however, the most concerning issue was Musk being quiet after providing support for the meme coin in the first place.

The Role of Dogecoin Whales

Musk’s comments earlier seem to have caused some panic in the market, however, it was always on the cards for there to be reasons underlying the sudden Dogecoin sell-off. Most of the 219 million corners have probably been commercialized by Dogecoin whales. 

These investments create considerable density because they have such huge amounts of crypto assets; they may tip the market when they begin to sell such currencies. These kinds of maneuvers trigger a sandal, which, as usual, forces the employees with less capital to rotate their strategies.

What we do not know about these events is the impact they will have on Dogecoin in a time frame, but it is obvious that the market is now reacting to Musk’s actions and the retaliation of big investors.