The Enigma of the Alleged $24 Billion Dogecoin Wallet Linked to Elon Musk

Twitter’s sudden change of logo to the Dogecoin symbol has caught the attention of the crypto community. Following this move, the price of Dogecoin (DOGE) immediately shot up by 37%, reaching $0.1 USD. This price increase has drawn attention to a mysterious wallet that once held $24 billion worth of DOGE.

The wallet, named “DH5ya,” was created in 2019 and was reported to have held the massive amount of DOGE until May 2021. In a class-action lawsuit accusing Elon Musk of “market manipulation” of DOGE, the plaintiffs claimed that the new owner of Twitter was behind this wallet.

Source: Blockchainair.com

The plaintiffs pointed out several signs that DH5ya belonged to Musk, including a 28.061971 DOGE transaction, corresponding to Musk’s birthday on June 28, 1971, and a transaction spelling out “Hi Elon.” There were also six transactions with 69 DOGE and two transactions with 420 DOGE from this wallet. Additionally, there was an 80085 DOGE transaction, hinting at the word “BOOBS,” a classic Musk joke.

However, Musk denied these allegations and claimed that DH5ya was owned by Robinhood, a company that provides crypto trading services. Musk’s lawyers also requested the court to dismiss the $285 billion compensation lawsuit, stating that Musk’s previous statements were “tongue-in-cheek” and were not intended to manipulate the price.

Robinhood has not yet given an official response to these allegations. However, many people still speculate that Musk used the platform to make trades. The main wallet of Robinhood currently holds 3.3 billion DOGE, equivalent to 24% of the circulating supply, according to Whale Alert data.

Meanwhile, DH5ya’s wallet currently holds around 50,300 DOGE, worth nearly $5,000 USD, according to DogeChain explorer. With 1309 transactions made, the wallet has almost sold all of the DOGE it held.

In conclusion, this mysterious wallet’s ownership is still uncertain, and it remains to be seen whether or not the allegations against Musk will be proven true. The sudden surge in DOGE’s price also highlights the volatile nature of cryptocurrencies and the potential for market manipulation.

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