Elon Musk himself mentioned by way of Twitter in February 2021 that the most important difficulty with Dogecoin is its focus amongst a number of whales. The billionaire wrote on the time:
If main Dogecoin holders promote most of their cash, it’ll get my full assist. Too a lot focus is the one actual difficulty imo. I’ll actually pay precise $ if they simply void their accounts.
But what if Elon Musk himself is the most important of all DOGE whales? This rumor has been circulating within the crypto group for fairly a while. So far, conclusive proof has by no means been offered.
Even the Federal Court in Manhattan has to cope with the problem of Musk supposedly rigging the DOGE value since June this yr. Investors 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 control Dogecoin, in accordance with the grievance.
Thanks to Musk, the value of Dogecoin skyrocketed by greater than 36,000% over two years, solely to crash later, in accordance with the plaintiffs. In this manner, the defendants “made tens of billions of {dollars}, realizing all alongside that the forex had no intrinsic worth and that its worth depended solely on advertising”.
Clues That Elon Musk Is the Dogecoin Whale
What is at the very least obvious is that each tweet from Musk relating to Dogecoin causes hysteria and sends the value skyrocketing. But whether or not Musk is definitely behind the most important DOGE deal with, which holds a whopping 28.52% of the full 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 deal with as “Robinhood” – the American buying and selling app.
Dogecoin richest addresses. Source: BitInfoCharts
Nevertheless, there are doubts that that is the reality. In a May 2021 Business Insider article, a analysis professional is quoted saying that cryptocurrency change addresses are characterised by the truth that they embody inflows and outflows. However, the mysterious deal with exhibits a really untypical habits for an change, elevating the query if that is actually a Robinhood change deal with.
The nameless analyst has due to this fact checked out the place and when the DOGE discovered its origin for the whale. In this regard, he notes that the most important 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 deal with: DH5yaieqoZN36fDVciNyRueRGvGLR3mr7L.
Remarkably, on February 10, 2021, Elon Musk tweeted that he purchased Dogecoin’s for his son. At the identical day, the beforehand talked about deal with starting with “DH5ya” ended its DOGE accumulation, the nameless analyst states. A coincidence?
Bought some Dogecoin for lil X, so he could be a toddler hodler
— Elon Musk (@elonmusk) February 10, 2021
At that point, the deal with “DH5ya” held 36.71B DOGE, which corresponded to twenty-eight% of the full provide.
Another fascinating coincidence is the quantity of DOGE cash the vacant deal with purchased 3 times in February 2021 – 28.061971 DOGE. Call 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 sporting a Twitter shirt and a Twitter pumpkin earlier at the moment. 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.
DOGE skyrocketing after Musk’s Twitter deal. Source: TradingView
