DOGE Recovers As Elon Musk Reveals That He Will Not Sell Any Of His DOGE

DOGE Recovers As Elon Musk Reveals That He Will Not Sell Any Of His DOGE

By Vendata | Quick Crypto News | 21 May 2021


Thumbnail source: https://twitter.com/elonmusk/status/1357236825589432322

Elon Musk, the notorious crypto influencer via Twitter, has revealed that he will not be selling any of his DOGE holdings, DOGE going up decently to begin a recovery path after a dreadful market wipe.

Brief Analysis

Going out into the 1-year scope, DOGE's crash is instantly visible, as with almost every other cryptocurrency. At the beginning of the year, DOGE appears stable at this scale, a relatively flat line moving through time. The activity begins to spark at the start of 2021, moving decently upwards, then creating a new resistant point at a good movement upwards. DOGE remains stable for a few months after the decent movement, becoming bumpier to suggest more fluctuations. At the start of April DOGE gains massive momentum, rising out from its resistant point right upwards, going from about 6 cents to 36 cents in one motion. DOGE then tumbles a bit after its peak, quickly rising to another higher peak before toppling downwards. At the start of May DOGE gets its highest momentum, mooning up to its ATH (All-Time Highest). DOGE then quickly crashes after that, faces some recovery, then crashes even further from the current crash. However, DOGE's crash has made an upward tail, suggesting recovery.

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When going into 1 month, DOGE appears not to have faced much of a crash, unlike other cryptocurrencies like Bitcoin (BTC), starting a bit higher than its original point. DOGE fluctuations over the past month, a spiking road relatively stable at the beginning. As mentioned previously, DOGE gains momentum in May, going up to its ATH at the centre of the graph. It then tumbles, recovers then tumbles down even further. There is some recovery presented from its lowest point in the crash, appearing to create resistance at its current position.

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Going into 1 day, DOGE appears to have a net loss, though this is only for the current day UTC (Coordinated Universal Time), which is about the last 9 hours. DOGE in this scope begins high, fluctuating up and down, creating a gradual descend downwards. DOGE falls considerably at around 4 o'clock that forms a more volatile fluctuation of ups and downs when compared to its previous pattern. This pattern currently is continuing, so it does not appear that DOGE will make any great movement over the next following hours. However, it is always possible that DOGE will become bullish, the crypto market being unpredictable, but it is expected from the analysis to not do so in the following hours. 

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The current statistics of DOGE are as follows:

  • Price - $0.3928
  • 24h Price change - $0.03751 (+10.56%)
  • 24h low / 24h high - $0.3497 / $0.4332
  • 24h Trading volume - $9,570,096,442.16 (-39.94%)
  • Market dominance - 2.91%
  • Market rank - 7th

Elon Musk's Reveal

Elon Musk reveals of his holding of DOGE comes in response to a tweet from Dave Lee, the host of Youtube channel Dave Lee on Investing and Telsa investor since 2012, that makes an interesting claim about Elon Musk's DOGE.

In the tweet, Dave Lee claims that the attached snapshot of a DOGE wallet is "more than 50%" Elon Musk's wallet.

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This wallet currently contains over 2.5 billion DOGE, which converts to over 1 billion USD - an enormous amount. For the wallet on the DOGE explorer, visit here: https://bitinfocharts.com/dogecoin/address/DG6XWP6ruf4ZTsXAGzjDyQFaRimUn1mF2A

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Elon Musk responds to this tweet by claiming that he has not and will not sell any DOGE, which indicates that he will be hodling DOGE for a long time. How long? That is a good question to ask, one with many different answers. He could sell it now, or the next hour, or the next day, or maybe not at all, knowing the potential crash of DOGE if he sold all his DOGE holdings, many people losing faith in DOGE with Elon Musk's sell. Although Elon Musk does not directly state that the presented wallet is his, it is plausible that it is from the fact that he replied to this tweet regarding his presumed DOGE wallet. This is further suggested by his acceptance of "Yeah," indicating that he agrees with Lee's statement that the snapshotted DOGE wallet is his.

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Inside the thread of this tweet is even more evidence that proves Elon Musk owns a lot of DOGE, known long ago in February. However, this is believed to be from a different wallet. This evidence is snapshots of statements from TopologicApple, who according to his bio is a "Scientist, investor, perpetual learner, risk taker, health and psychedelic explorer, family provider. Allergic to beliefs." In the right snapshot, TopologicApple claims that "Musk owns 28% of all doges" with a wallet attached that is different from the previous one.

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This wallet contains much more than the wallet previously mentioned, being the most held DOGE wallet in the whole blockchain. This wallet has over 35 billion DOGE that converts to over 14 billion USD, and that is at the current price. To find this wallet on the DOGE explorer, visit here: https://bitinfocharts.com/dogecoin/address/DH5yaieqoZN36fDVciNyRueRGvGLR3mr7L-full.

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Although they are two different wallets, they agree with the same thing: Elon Musk has a lot of DOGE, and it seems that it is not going anywhere for the moment.

Further Reading

Decrypt - Elon Musk Says He Won't Sell His Dogecoin as Mystery Whale Buys More - https://decrypt.co/71601/elon-musk-wont-sell-dogecoin-mystery-whale-buys-more

Decrypt - Mysterious Dogecoin Billionaire Spells Out Elon Musk’s Birthday in Transactions - https://decrypt.co/57352/mysterious-dogecoin-billionaire-elon-musk-birthday

coinnounce - Elon Musk says he won’t sell any of his Dogecoin holdings. - https://coinnounce.com/elon-musk-says-he-wont-sell-any-of-his-dogecoin-holdings/

 

 

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Vendata
Vendata

I have just started getting into crypto and want to help others in the journey as I progress. I will give my advice, thoughts and opinions relating to different concepts of the best of my ability. No content promises to be 100% true and is for education.


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