Elon Musk himself mentioned through Twitter in February 2021 that the largest difficulty with Dogecoin is its focus amongst just a few whales. The billionaire wrote on the time:
If main Dogecoin holders promote most of their cash, it would get my full help. An excessive amount of focus is the one actual difficulty imo. I’ll actually pay precise $ if they only void their accounts.
However what if Elon Musk himself is the biggest of all DOGE whales? This rumor has been circulating within the crypto neighborhood for fairly a while. To this point, conclusive proof has by no means been offered.
Even the Federal Courtroom in Manhattan has to take care of the problem of Musk supposedly rigging the DOGE worth since June this yr. Buyers have sued the richest man on earth for $258 million in compensation.
Tesla’s CEO and different defendants, together with Tesla Inc, SpaceX and Boring Co, are alleged to have operated a Ponzi scheme to manipulate Dogecoin, in response to the criticism.
Because of Musk, the worth of Dogecoin skyrocketed by greater than 36,000% over two years, solely to crash later, in response to the plaintiffs. On this means, the defendants “made tens of billions of {dollars}, realizing all alongside that the foreign money had no intrinsic worth and that its worth depended solely on advertising and marketing”.
Clues That Elon Musk Is the Dogecoin Whale
What’s a minimum of obvious is that each tweet from Musk relating to Dogecoin causes hysteria and sends the worth skyrocketing. However whether or not Musk is definitely behind the biggest DOGE tackle, which holds a whopping 28.52% of the entire provide, is questionable and has but to be confirmed.
An nameless on-chain analyst has now got down to make clear the matter. In a thread he writes that Bitinfocharts refers to DOGE’s largest tackle as “Robinhood” – the American buying and selling app.
Nonetheless, there are doubts that that is the reality. In a Might 2021 Enterprise Insider article, a analysis professional is quoted saying that cryptocurrency change addresses are characterised by the truth that they embrace inflows and outflows. Nevertheless, the mysterious tackle exhibits a really untypical conduct for an change, elevating the query if that is actually a Robinhood change tackle.
The nameless analyst has subsequently checked out the place and when the DOGE discovered its origin for the whale. On this regard, he notes that the biggest holder acquired DOGE primarily between July 19 and July 21, totaling 41B DOGE value $6.4B on the time.
The whale’s DOGE got here from 5 addresses, with the pores and skin portion coming from this tackle: DH5yaieqoZN36fDVciNyRueRGvGLR3mr7L.
Remarkably, on February 10, 2021, Elon Musk tweeted that he purchased Dogecoin’s for his son. On the identical day, the beforehand talked about tackle starting with “DH5ya” ended its DOGE accumulation, the nameless analyst states. A coincidence?
Purchased some Dogecoin for lil X, so he generally is a toddler hodler
— Elon Musk (@elonmusk) February 10, 2021
At the moment, the tackle “DH5ya” held 36.71B DOGE, which corresponded to twenty-eight% of the entire provide.
One other fascinating coincidence is the quantity of DOGE cash the vacant tackle purchased thrice in February 2021 – 28.061971 DOGE. Name it coincidence or not, however June 28, 1971, of all dates, is Musk’s birthday – a hidden message?
DOGE Resumes Its Rally
As Bitcoinist reported, Musk tweeted an image of a Shiba Inu carrying a Twitter shirt and a Twitter pumpkin earlier in the present day. Following this, DOGE resumed its whopping weekend rally and stalled simply earlier than the $0.16 mark. At press time, DOGE was buying and selling at $0,1389.
