250M DOGE Transferred In One Transaction As Blockchain Unrest Continues

Exactly 250 million Dogecoin DOGE/USD were moved from multiple addresses to an unknown wallet in a single transaction earlier Tuesday. 

This comes as Dogecoin whales — cryptospeak for big holders — continue to show heightened levels of activity ever since market enthusiasm was increased by Tesla Inc (NASDAQ; TSLA) CEO Elon Musk's acquisition deal for social media giant Twitter Inc. (NYSE: TWR) leading to many hoping he will somehow integrate the coin into the platform.

What Happened: The transaction processed Tuesday moved exactly 250 million Dogecoin from multiple addresses to an unknown wallet for a total transfer value of over $33.25 million as of press time, according to transaction tracking service Clank.

The transaction follows reports of another near-identical 250 million Dogecoin transactions that transferred the same coins from multiple addresses to an unknown wallet — just like in this instance.

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While the Dogecoin blockchain still shows a higher than usual level of activity, it has considerably lessened compared to the day on which Musk's Twitter acquisition was announced, when there were about 400 transactions worth at least $2 million each processed within 24 hours.

Soon after the news of the Twitter acquisition news broke, Dogecoin and Shiba Inu SHIB/USD both saw a fourfold increase in large transactions, in addition to the liquidation of $20 million in Dogecoin trading positions.

The announcement of Musk's acquisition of social media giant Twitter for $44 billion also resulted in the coin's value increasing by 13% that day.