Dogecoin (DOGE) Whales Accumulate 750 Million Coins as Elon Musk DOGE (the Department) Speculation Heats Up

Crypto analyst Ali Martinez reported on X that whales took advantage of the recent dip in Dogecoin's price by accumulating 750 million DOGE.

Crypto analyst Ali Martinez has reported on X that whales took advantage of the recent dip in Dogecoin’s price by accumulating 750 million DOGE.

When whales buy during a dip, it usually signals strong confidence in the asset’s future price movement and that these investors expect a recovery or further growth in DOGE’s price.

Large-scale accumulation can create price stability or even initiate a rebound if demand outweighs selling pressure, which could make it less likely for DOGE to see a further sharp decline in the short term.

Musk, DOGE (the Department), and Wild Speculation

In other news, Martinez had a rather interesting thought, speculating on how wild it would be if Elon Musk ever “moved” the US Treasury to DOGE.

While this is a highly unlikely scenario, it’s not entirely impossible considering Musk’s growing influence in the current US administration and what's been happening recently. If such a scenario did occur, it would skyrocket DOGE.

Related: Dogecoin Price Surges as Musk Joins Trump’s Efficiency Agency

Musk's recent appointment in January to head the Department of Government Efficiency (DOGE) under the Trump administration has brought the cryptocurrency to the forefront, given their shared acronym. This association has helped contribute to a surge in interest for Dogecoin.

In late January 2025, DOGE personnel, under Musk’s direction, were granted access to the Treasury Department’s payment systems, which handle over $6 trillion annually.

Although Treasury Secretary Scott Bessent clarified that DOGE’s access is limited to read-only capabilities, Musk having that kind of access opens the door for speculation.

Moreover, he has been a long-time supporter of Dogecoin, often tweeting about it and even integrating it into Tesla for payments. There were also rumors of Dogecoin’s integration with X, but that hasn’t happened yet.

Is Something Big Coming for Dogecoin?

On a more realistic note, Musk's influence on Dogecoin and the crypto market in general is undeniable. This, combined with his recent appointments and the fact that whales have reportedly accumulated 750 million Dogecoins, could indicate that something is about to happen with the memecoin.

Related: Elon Musk DOGE Team to End $8M Federal Politico Subscriptions Amid USAID Funding Controversy

Ali Martinez also reported that there has been a significant spike in the number of Dogecoin nodes on the network.

One thing's for sure, though: as unlikely as it may be, if the US Treasury ever does adopt Dogecoin, it would dramatically reshape the cryptocurrency landscape overnight.

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