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DOGE anonymously transferred $850 million before Elon Musk's announcement

DOGE anonymously transferred $850 million before Ilon Musk's announcement

WhaleStats, a whale tracking service, reported a suspicious $850 million Dogecoin transaction that could potentially be linked to Ilon Musk's announcement that Tesla was accepting Dogecoin to pay for goods.

The transaction, which appeared on the Dogecoin blockchain, suggests that an anonymous “Jzi13k” made a large transaction worth nearly $1 billion at two addresses. The first address, “y3PvN” received the bulk of the transaction and now owns 5.3 billion Dogecoins, U.Today reports. The sender's wallet had multiple transactions in its history and could be linked to a cryptocurrency exchange, while the recipient had only one incoming transaction on its sheets. The unusually large transaction took place right before Tesla CEO Elon Musk announced that his company was accepting Dogecoin. After the announcement, the coin's price jumped 30%, but then rolled back to 19%. Members of the Dogecoin community have suggested that there must be a correlation between the two events because of the rarity of such large transactions on the Dogecoin blockchain. In addition, the recipient's wallet was created for the purpose of receiving the funds and has not transferred them since then. Some users have also speculated that someone at or close to Tesla knew about the potential announcement and bought the coins before Musk's announcement to make a significant profit from the transaction. But such a theory does not stand up to criticism because the coins purchased were not moved from the address; hence, they could not have been marketed. At the time of publication, Dogecoin was up 13% since the announcement. If large deals were part of insider trading, they would have been realized “at the very top”rumors. In this case, the dollar value of the investment would have risen by 30%.

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