After the recent huge accumulation of a cryptocurrency exchange, Dogecoin is making headlines and widespread investor speculation. The  chain data shows the accumulation trend of the whale, one with the acquisition of 300 million DOGE tokens, worth $45 million at current market prices.

The speculation raises theories about who might be the whale buyer while the price of dogecoin continues to fall, with the most prominent assumption being billionaire Elon Musk.

Dogecoin is currently falling, down 25.  8% in the past seven days. However, on-chain data show that a whale has been buying on dips, staevidence to their strong belief in cryptocurrencies.

Crypto whale trading tracker Whale Alerts noted that in a range of other cryptocurrency whale trading, the cryptocurrency exchange Robinhood DOGE has accumulated in the private wallet "DDuXGM." The deal involves the transfer of $2,350, $1500 million DOGE from Robinhood to the unknown wallet.

Interestingly, further investigation of the activity on the whale chain indicated that this was not a one-time purchase. A few hours before a purchase, whales bought 1500 million and 30 million DOGE tokens worth $2310,000, and $4.8 million, respectively.

Elon Musk's tweets within the hours before his purchase would only add to speculation that he could be a whale. Just hours ago, the billionaire tweeted a picture of a meme mentioning Dogecoin, prompting some speculation among investors. Musk has been a strong supporter of Dogecoin for months, and his tweets are known to drive the price soar. It's worth noting, however, that his recent tweets failed to deliver many miracles for DOGE prices as cryptocurrencies continue for a month.

Currently, there are more questions than answers about $46 million. Is it indeed Elon Musk (Elon Musk) or another whale quietly accumulating DOGE? At the time of this writing, the whale address "DDuXGM" holds 24. [] 7.8 billion DOGE tokens, worth 3. [] $63.6 billion.

According to MartyParty, the cryptocurrency influencer, the increase may be a response to a recent announcement by BITMAIN, the company that makes cryptocurrency mining equipment. Bitmain recently revealed that it plans to expand support for DOGE mining after the release of the Antiminer L9 in May. Bitmain's Antiminer L9 model will support litecoin, Dogecoin and Bells (BEL) mining operations, all proof of work blockchain that still exist.