A Dogecoin “whale” continues to hold the billions worth of Dogecoin despite the recent drop in Dogecoin’s value from this past week.
Details of Dogecoin’s whale
Dogecoin address DH5yaieqoZN36fDVciNyRueRGvGLR3mr7L apparently holds $22 billion worth of the meme-based cryptocurrency, according to Business Insider.
- The trader started buying on Feb. 5, 2019, when it was $0.0018 per coin. Now, the investor holds about 36.7 million dogecoins. It’s currently trading around $0.60.
- Of course, DH5yaieqoZN36fDVciNyRueRGvGLR3mr7L isn’t the only one investing. In fact, the top 100 Dogecoin accounts own 67% of the supply, which is about 129.5 million dogecoins, Business Insider reports.
- Another 450 Dogecoin accounts own about $10 billion worth of cryptocurrency.
Why a Dogecoin whale is a problem
There’s concern that a Dogecoin “whale” account could hurt Dogecoin because he or she is selling off millions of dogecoins every hour, which lowers the overall value for others, as I explained for the Deseret News.
Tesla CEO Elon Musk — who has long supported the cryptocurrency — has warned that Dogecoin could face danger if only a select amount of wallets own the supply.
- “If major Dogecoin holders sell most of their coins, it will get my full support,” Musk said in a tweet back in February. “Too much concentration is the only real issue imo (in my opinion). I will literally pay actual $ if they just void their accounts.”
Do we know the Dogecoin whale?
Recent speculations suggests the Robinhood app might be the Dogecoin whale. The Wall Street Journal reported back in February that there was a whale who invested in Dogecoin.
Tom Robinson, chief scientist and co-founder of Elliptic, told Bloomberg he thought Robinhood was behind it.
- “It almost certainly belongs to Robinhood,” he said. “The timing of its creation, and the creation of the addresses that it received funds from, match the timing of Robinhood’s support of Dogecoin.”
Vlad Tenev, CEO of Robinhood Markets, denied accusations that Robinhood was the lone Dogecoin whale.
- “Any coins that we hold are for the purposes of sort of providing access in holdings for our customers,” Tenev said, according to MarketWatch. “We don’t have significant positions in any of the coins that we keep on a proprietary basis or anything like that.”
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