A few days ago, Trump announced he was putting Musk in charge of a Government Efficiency Department, which the official statement calls DOGE. An obvious nod to Dogecoin, the meme crypto Musk has often promoted, with blatant effects on its price. Like the time he replaced the bird on Twitter with the dog that serves as the coin’s mascot. The price jumped, with everyone imagining Musk might turn it into a currency on his social network.
Did he profit from it himself? No idea.
But strangely, two whales (DDUX and D8ZE) piled into Dogecoin up to 4 April 2023, before suddenly selling within the day, a few hours after Musk announced the logo change.
Those same addresses have been buying Dogecoin massively over the past few days, D8ZE in particular, which has become one of the largest holders with $3.1bn out of a $54.1bn market cap1. Particularly odd: all of the accumulation happened just before Donald Trump’s statement using the word DOGE was published.
Either whoever holds these addresses is very, very lucky, or very, very well informed.
And they have already taken the opportunity to book some profits.