The address holding approximately 28% of the total supply of Dogecoin (DOGE) may not be Elon Musk, as some had previously predicted. Arrows point to Robinhood exchange. Details Cryptocoin. com
Dogecoin community exposes whales!
A recent study conducted by the Dogecoin community has linked Robinhood exchange’s famous DOGE whale wallet, which currently holds 4.1 billion DOGE (equivalent to around $892 million), but previously held 36.7 billion DOGE. Dogecoin-specific Twitter account Mishaboar details the allegations as follows:
By following the trails starting from Robinhood’s ‘first’ testing process, we can go back in time and confirm that the largest existing Dogecoin wallet (and associated wallets) is Robin Hood’s cold wallet.
The report follows speculation in early May that the cryptocurrency exchange was a DOGE whale, described by Mishaboar as “another confirmation that the account holding 30% of the Dogecoin supply is indeed Robinhood’s cold wallet.”
Wallet analyzes in February were at the epicenter of great concern in the community, which feared an extremely uneven distribution of DOGE’s supply. This resulted in Tesla CEO Elon Musk saying that if “big DOGE owners sell,” he “will give his full support to Dogecoin” as the only real problem is too much concentration. Musk said on February 15:
If big Dogecoin holders sell most of their coins, they will get my full support.
Now, according to Mishaboar’s claims, 30% of the total DOGE supply is in the hands of Robinhood exchange. This ratio provides more than enough power to push the price in any direction.