Explore the identity of the largest Dogecoin whale through the perspective of Elon Musk
Tesla CEO Elon Musk has weighed in on the identity of the top Dogecoin holder, tweeting that it is likely to be commission-free trading app Robinhood.
Sounds like it is
— Elon Musk (@elonmusk) February 16, 2021
Explore the identity of the largest Dogecoin whale through the perspective of Elon Musk
Musk took a shot at Dogecoin’s unequal wealth distribution last week, causing its price to drop 20%. He even went as far as offering cash to the top holders of the meme-inspired cryptocurrency.
As of now, Dogecoin is the 13th largest coin with a market cap of $7.3 billion.
Robinhood faced immense backlash after restricting GameStop trading when the darling of Yolo traders was hitting all-time highs in late January.
Musk personally clashed with Robinhood founder Vladimir Tenev during a Clubhouse interview in early February:
Did you sell your clients down the river, or did you have no choice?
Some members of the Dogecoin community found out that Dogecon’s top wallet is likely Robinhood’s cold storage last week.
With Musk chiming in, the pressure is mounting on Tenev to bring more transparency to the table. The richest Dogecoin address currently holds 28.69% of all coins.
Elsewhere, Musk also said he would assist Dogecoin holders in selling the majority of their DOGE reserves to reduce uneven coin distribution among users.
Whether it’s a real tweet or a joke (as Musk often does), Dogecoin’s focus is real.
On-chain data shows that a single wallet address holds more than 27% of DOGE’s market cap, or $ 1.8 billion. The GDP of a midsize island nation is just about the same!
A handful of whale wallets have held the majority of DOGE | Source: BlockChair
Besides, the top 20 wallet addresses hold more than 50% of the total current supply (more than $ 3.5 billion). Although these wallet addresses may be exchange wallets, this assumption is unlikely because no exchange has admitted holding these wallets.
Musk insists that this situation must change:
I will literally pay actual $ if they just void their accounts
— Elon Musk (@elonmusk) February 15, 2021
So, does Elon Musk seem to be preparing to part with DOGE?
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