In the wake of Musk’s resignation as Twitter CEO, a mysterious Dogecoin ($DOGE) Whale has transferred over 13 million tokens of the meme-inspired cryptocurrency in a series of transactions.

Key Highlights

  • Taking advantage of Elon Musk’s resignation as Twitter CEO, whale moved $930,000 in $DOGE.
  • Elon Musk, the CEO of Twitter and a promoter of Dogecoin has announced the new CEO for the floundering social media company.
  • This decision is expected, given Musk’s past statements about reducing his engagement in the social media firm and finding a competent candidate to manage it.
Dogecoin Whale moves $930,000 in $DOGE after Musk quits Twitter

Elon Musk and Dogecoin have a history of working together.

Dogecoin is a cryptocurrency created in 2013 as a joke but has since gained a significant following and market capitalisation. Elon Musk, who became CEO of Twitter last year, is a longstanding supporter of Dogecoin and was largely responsible for momentarily elevating the asset to the top three in the crypto market in 2021 through a series of positive tweets.  

The DOGE whale transferred 13 million tokens, valued at more than $927,000 at the time of the transaction, from numerous wallets to a newly established wallet in a sequence of transactions that cost them only 3.63 DOGE, or $0.26.  

Over the previous several weeks, significant changes have occurred on the Dogecoin blockchain. An inactive DOGE address with 1.5 million coins has suddenly resurfaced after being idle for 9.3 years.

As previously reported, long-term investors now have tens of billions of tokens of the meme-inspired cryptocurrency, with entities that have been HODLing onto the coin for over a year now holding 44.8 billion tokens worth over $3.7 billion.

Following the news, the price of Dogecoin dropped temporarily, first by 1.57%. However, the meme currency has recovered some of its losses, though it is still down 3.79% for the day. On the Binance market, it is presently trading at $0.070296. On the other hand, Tesla’s stock price,  rose 2.22% in response to the announcement and is trading at $172.29.

Linda Yaccarino is Twitter’s new CEO

These developments surfaced against the backdrop of Musk’s departure from the CEO position of Twitter, as the enigmatic entrepreneur recently revealed that Linda Yaccarino, NBCUniversal’s current head of global advertising, will head the microblogging platform.

Yaccarino spent 15 years with Turner Entertainment, rising to executive vice president and chief operating officer of ad sales, where she was instrumental in establishing creative advertising and marketing solutions.

Yaccarino began working for NBCUniversal in October 2011. She was the head of NBCUniversal’s advertising sales and was instrumental in introducing the Peacock streaming service.

Musk stated that he will continue to play an important role in Twitter, stating that Yaccarino will manage business operations while he will focus on product creation and new technologies.

Musk had announced his intention to become executive chair before announcing Yaccarino’s appointment. Musk also stated on Friday that he was thrilled to collaborate with Yaccarino on transforming Twitter into X, the “everything app” comparable to China’s flexible WeChat.

About Zeynep Geylan

Writer @CryptoSlate | @BilkentUniv alumni | Crypto-savvy social sciences graduate.

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