An absolute bomb is dropping on the crypto world this afternoon. Rumors of a billion-dollar Dogecoin (CCC:DOGE-USD) purchase by a certain billionaire’s company are floating around this week. Yes, the rumor mill is beginning to stock up evidence that Tesla (NASDAQ:TSLA) is behind one of the largest DOGE purchases of the year. Is Tesla buying Dogecoin? Let’s look at the DOGE rumors.
Crypto YouTuber and DOGE extraordinaire Matt Wallace has been dropping Dogecoin news and rumors for some time. He was the first to report about the rumored Dogecoin smart contracts early in the week. And now, he’s claiming that Tesla is behind a gigantic purchase of DOGE just over a week ago.
On his Final Stand YouTube channel, Wallace made his case. Tesla’s $1.5 billion purchase in Bitcoin (CCC:BTC-USD) earlier in the year was a highly successful venture, one which netted the company a healthy profit. The purchase did well to boost cryptos across the board as well; that is, until Musk’s divorce from BTC led to a market-wide correction.
Since then, Musk has been flirting heavily with DOGE and its supporters. Asking on Twitter if investors want him to add DOGE as a Tesla payment method, it’s clear that he’s quite fond of the coin.
All About Musk, Dogecoin and the Latest DOGE Rumors
Wallace has revealed to his viewers that a $1.5 billion purchase of DOGE occurred on May 10. Funnily enough, that’s the exact same amount that Tesla spent on its Bitcoin. The owner of the wallet is unclaimed and there are no patterns to suggest anything but a large investor deciding to drop a pretty penny into the meme coin.
But, there is reason for investors to pay attention. Wallace reminded his viewers that it took Tesla two weeks to reveal to the world its BTC stake back in February. It has only been nine days since the mysterious bulk purchase occurred.
That Twitter poll in which Elon Musk asked if DOGE should be a payment method for Tesla? It was posed the day after someone made the $1.5 billion purchase.
Wallace is since doubling down on his conviction that Tesla is behind the purchase. He posted his video in a reply to Musk’s “Tesla has diamond hands,” tweet from earlier today. With so much interest in the future of Dogecoin prices, be sure to stay tuned.
On the date of publication, Brenden Rearick did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.