According to Lookonchain, a blockchain-tracking firm, the third and fifth largest holders of Dogecoin sold a combined 1.4 billion DOGE while the value of the dog-themed cryptocurrency rose by approximately 30%.
The surge in value of Dogecoin corresponded with its most prominent supporter, tech billionaire Elon Musk, changing Twitter’s icon to the DOGE logo.
BitInfoCharts identifies the whales, who sold off their large Dogecoin holdings, as the two largest non-exchange DOGE holders.
The whale identified as ‘DDuX’ sold 1.1 billion DOGE, equivalent to $95.2 million, in two separate transactions on April 4th and 5th.
The other whale identified as ‘D8ZE’ sold 300 million DOGE, equivalent to $28.6 million, through a series of transactions between April 4th and 6th.
All sales occurred when DOGE was trading at approximately $0.09. Twitter has since reverted to its original blue bird logo.
The timing of the logo swapping coincides with a lawsuit against Elon Musk for allegedly driving up the price of DOGE illegally by over 36,000% over a two-year period before allowing it to collapse.
His lawyers have requested the dismissal of the $258 billion lawsuit, stating that there is nothing illegal about tweeting support or funny pictures about a legitimate cryptocurrency with a market cap of nearly $10 billion.