Dogecoin’s loss of more than 22% over the past 9 days was the topic of Elon Musk and Mark Cuban’s discussions. It also sparked another significant round of holder movement.

The meme coin has been redeemed by nearly 40K wallets in the past 10 days. These figures reflect the greater decline in DOGE holders earlier this year. Around 700K wallets emptied their Dogecoin accounts in March.

Dogecoin Whale alert data suggests that larger whales could simply be collecting DOGE coins.

Dogecoin Whale Tracker estimates that nearly $22 million in Dogecoin has been transferred between a variety of wallets and several bigger ones within the last 12 hours.

Most of the transactions recorded were between $500K to $950K. The tracker also recorded the largest transaction, 100,000,000 DOGE. This value surpassed $12.9 million.

Clank, a fellow blockchain data tracker, saw that nearly $4 billion of Dogecoin had been sent to an anonymous wallet in the last 24 hours.

However, the price of this popular meme coin remained relatively unchanged. Although DOGE briefly fell to $0.1274, its lowest value, DOGE was able to trade at $0.1311 by the time this article was written.

Dogecoin is a long-standing highly speculative investment. The coin climbed to its all-time high price of $0.7315 last May, and the rally was largely driven by Elon Musk’s endorsement of the asset, as he hinted that his electric car company, Tesla (NASDAQ:), may begin accepting payment in DOGE.

Since then, the momentum of the meme coin has slowed down and it is currently at 82% below its Ath.

What You Need to Care About

Elon Musk enjoys frequent comments on Dogecoin and regularly supports it. Since Musk’s work to fully secure the purchase of Twitter (NYSE:), he has regularly hinted at potential plans to involve Dogecoin in the platform’s ecosystem. If such steps occur, they may increase Dogecoin adoption and impact its price.

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