The Biggest Dogecoin Whale is Elon Musk?
What if Elon Musk himself is the biggest of all Dogecoin (DOGE) whales? A great investigation by an anonymous analyst provides insights.
Elon Musk is right - the concentration of Dogecoin among a few whales is a big problem. If something isn't done to fix it, the coin could become worthless.
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.
There is no conclusive evidence that Elon Musk is the largest of all DOGE whales, but the rumor has been circulating in the crypto community for quite some time. Some people believe that Musk may be holding a large amount of DOGE, which could explain the recent price surge. However, without any concrete evidence, it is difficult to say for sure.
It's clear that the issue of Elon Musk manipulating the price of DOGE isn't going away anytime soon. Even the Federal Court in Manhattan is now dealing with the case. Investors have sued Musk for $258 million in compensation, alleging that he manipulated the price of the cryptocurrency back in June. It's yet to be seen how this case will play out, but it's definitely a major development in the world of cryptocurrencies.
Tesla's CEO and other defendants are accused of running a Ponzi scheme to manipulate Dogecoin, according to a new lawsuit. If true, this would be a huge betrayal of the trust of those who have invested in Tesla and its associated companies. We will be closely following this story as it develops.
This lawsuit is ridiculous. Dogecoin has been one of the most successful cryptocurrency investments in recent years, thanks to Elon Musk's involvement. The price of the currency has increased by more than 36,000% over the past two years, and it doesn't seem like the value is going to crash any time soon. The defendants in this lawsuit are just jealous that they didn't invest in Dogecoin earlier.
Elon Musk: 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. There is no doubt that Musk's tweets have had a significant impact on the price of Dogecoin. However, it is still unclear whether Musk is actually the owner of the largest DOGE address.
The analyst contends that the largest DOGE address is associated with the American trading app Robinhood. If this is true, it could mean that Robinhood is a major player in the DOGE market. This would be significant because Robinhood is a major force in the traditional financial world. It would be interesting to see how Robinhood's involvement would affect the price of DOGE.
It is still unclear whether the recent surge in Dogecoin's price is due to genuine interest in the cryptocurrency or manipulation by a few wealthy individuals. The Business Insider article quoted a research expert who said 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. If the latter is true, it could mean that the recent price surge is not due to genuine interest, but is instead the result of manipulation by a wealthy individual or group.
The analyst's findings suggest that the whale behind the DOGE price surge acquired their coins mainly between July 19 and 21, for a total of 41 billion DOGE worth around $6.4 billion at the time. While the identity of the whale remains a mystery, their actions have helped to propel DOGE to new heights, and the coin's price shows no signs of slowing down anytime soon.
It's official: the world's first cryptocurrency whale has been spotted! According to data from BitInfoCharts, a whale with a huge stash of Dogecoin (DOGE) has been moving around some serious cryptocurrency over the past few days. The whale's DOGE came from 5 addresses, with the skin portion coming from this address: DH5yaieqoZN36fDVciNyRueRGvGLR3mr7L.
Elon Musk's purchase of Dogecoin for his son may be a coincidence, but it is a sign that the cryptocurrency is becoming more mainstream. Dogecoin's price has been volatile in recent months, but it appears to be on the rise again. With more people like Elon Musk investing in the coin, it is likely that the price will continue to go up.
Bought some Dogecoin for lil X, so he can be a toddler hodler
— Elon Musk (@elonmusk) February 10, 2021
With a current circulating supply of just over 129 billion DOGE, it's no surprise that a single address holding nearly 37 billion DOGE would represent a significant portion of the total supply.
There's no doubt that Elon Musk is a genius, and it seems that he may have a hidden message in the amount of DOGE coins that were bought on his birthday. Could this be a coincidence, or is there something more to it? Only time will tell, but it's definitely an interesting development.
DOGE rallies again after a brief pause
Elon Musk's latest tweet has sent Dogecoin (DOGE) prices soaring once again. The popular cryptocurrency is now trading at around $0.14, up from its weekend low of $0.11. This latest surge in price comes after Musk tweeted a picture of a Shiba Inu dog wearing a Twitter shirt and a Twitter pumpkin. Following this, DOGE prices have resumed their rally and are now trading just below the $0.16 mark. This latest price increase just goes to show the power that Elon Musk has over the cryptocurrency market. His tweets have been known to cause sudden and significant price movements in the past, and it looks like that trend is continuing with DOGE.
