Is Elon Musk The Largest Holder Of Dogecoin (DOGE) With 28.52% Of Supply?
November 01 2022 - 8:33AM
NEWSBTC
Elon Musk himself said via Twitter in February 2021 that the
biggest issue with Dogecoin is its concentration among a few
whales. The billionaire wrote at the time: If major Dogecoin
holders sell most of their coins, it will get my full support. Too
much concentration is the only real issue imo. I will
literally pay actual $ if they just void their accounts. But what
if Elon Musk himself is the largest of all DOGE whales? This rumor
has been circulating in the crypto community for quite some time.
So far, conclusive evidence has never been provided. Even the
Federal Court in Manhattan has to deal with the issue of Musk
supposedly rigging the DOGE price since June this year. Investors
have sued the richest man on earth for $258 million in
compensation. Tesla’s CEO and other defendants, including Tesla
Inc, SpaceX and Boring Co, are alleged to have operated a Ponzi
scheme to manipulate Dogecoin, according to the complaint. Related
Reading: Dogecoin (DOGE) Price Manipulated By Whales? A Look Off
And On-Chain Thanks to Musk, the price of Dogecoin skyrocketed by
more than 36,000% over two years, only to crash later, according to
the plaintiffs. In this way, the defendants “made tens of billions
of dollars, knowing all along that the currency had no intrinsic
value and that its value depended solely on marketing”. Clues That
Elon Musk Is the Dogecoin Whale What is at least apparent is that
every tweet from Musk regarding Dogecoin causes hysteria and sends
the price skyrocketing. But whether Musk is actually behind the
largest DOGE address, which holds a whopping 28.52% of the total
supply, is questionable and has yet to be proven. An anonymous
on-chain analyst has now set out to shed light on the matter. In a
thread he writes that Bitinfocharts refers to DOGE’s largest
address as “Robinhood” – the American trading app. Nevertheless,
there are doubts that this is the truth. In a May 2021 Business
Insider article, a research expert is quoted saying that
cryptocurrency exchange addresses are characterized by the fact
that they include inflows and outflows. However, the mysterious
address shows a very untypical behavior for an exchange, raising
the question if this is really a Robinhood exchange address.
Related Reading: Dogecoin (DOGE) Cracks Over 150% In 7 Days; Is The
Top In Yet? The anonymous analyst has therefore looked at where and
when the DOGE found its origin for the whale. In this regard, he
notes that the largest holder acquired DOGE mainly between July 19
and July 21, totaling 41B DOGE worth $6.4B at the time. The whale’s
DOGE came from 5 addresses, with the skin portion coming from this
address: DH5yaieqoZN36fDVciNyRueRGvGLR3mr7L. Remarkably, on
February 10, 2021, Elon Musk tweeted that he bought Dogecoin’s for
his son. At the same day, the previously mentioned address
beginning with “DH5ya” ended its DOGE accumulation, the anonymous
analyst states. A coincidence? Bought some Dogecoin for lil X, so
he can be a toddler hodler — Elon Musk (@elonmusk) February 10,
2021 At that time, the address “DH5ya” held 36.71B DOGE, which
corresponded to 28% of the total supply. Another interesting
coincidence is the amount of DOGE coins the vacant address bought
three times in February 2021 – 28.061971 DOGE. Call it coincidence
or not, but June 28, 1971, of all dates, is Musk’s birthday – a
hidden message? DOGE Resumes Its Rally As Bitcoinist reported, Musk
tweeted a picture of a Shiba Inu wearing a Twitter shirt and a
Twitter pumpkin earlier today. Following this, DOGE resumed its
whopping weekend rally and stalled just before the $0.16 mark. At
press time, DOGE was trading at $0,1389.
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