Data shared by the cryptocurrency trader and analyst Ali Martinez shows that Dogecoin whales have gone on a massive buying spree. That took place after Elon Musk’s recent crypto statement on X.

Over the past two days, they have accumulated almost 1 billion DOGE. But there was not only buying that happened to big Dogecoin chunks.

690 million DOGE bought and sold in past two days

Martinez shared a screenshot of a chart showing pretty fast accumulation of the original meme cryptocurrency Dogecoin over the past 48 hours. Over the period of the last two days, whales have rapidly scooped up more than a staggering 470 million DOGE.

That buying spree took place as the iconic meme-inspired cryptocurrency that originally mocked Bitcoin and used its code as basis plunged by more than 20%, falling from $0.39620 to the local bottom of $0.31648.

Since Thursday, Dogecoin, with a few other falls and rises, has eventually recovered 4.66% and is changing hands at $0.33189 at the time of this writing.

Aside from that heavy accumulation, data has emerged about big DOGE sales as well. On Friday, prominent cryptocurrency tracker Whale Alert spotted two massive Dogecoin chunks that were sent to the largest U.S.-based crypto exchange Coinbase with a likely goal to be sold there.

Those crypto transactions carried 106,437,367 DOGE and 112,670,012 DOGE valued at $35,889,352 and $37,990,922 at the time when they were initiated.

Elon Musk says DOGE and other crypto can fall

Several days ago, Elon Musk commented on the X social media platform that he does not drive out a scenario that in the next two years the price of Bitcoin, Dogecoin and other cryptocurrencies in the market may face a significant decline.

That may happen, he clarified, if dollar inflation is solved. Forbes added that Musk’s statement could be interpreted as if the U.S. Department of Government Efficiency (which the tech mogul spearheads and prefers to call it D.O.G.E. after Dogecoin) succeeds in its primary task — the reduction of the excessive government spending that has been happening under Joe Biden’s rule in the past four years.

Musk tweeted: “The price in dollars to buy cryptocurrency will actually drop, other things being equal. What matters is the ratio of dollars to crypto.”