The Dogecoin worth is at present experiencing a somewhat underwhelming week. Throughout the final seven days, the DOGE worth has dropped by round 15%. The sell-off was reignited yesterday after a vote on Twitter revealed that Elon Musk is about to step down from his function as Twitter CEO.
Curiously, the biggest DOGE holder (deal with: DPDLBAe3RGQ2GiPxDzhgjcmpZCZD8cSBgZ) transferred 3.841 billion DOGE, equal to about $280 million) to the deal with DDuXGMFNGpGjaAqyDunSMvceMBruc1wwKF at the moment. Notably, this deal with is in flip the fifth largest DOGE holder.
Additionally noteworthy is the truth that that is the biggest switch in sooner or later for the reason that creation of the Dogecoin deal with talked about above. Based on BitInfoCharts information, the biggest deal with owns greater than 1 / 4 of all DOGE (25.24%). The fifth-largest deal with nonetheless owns 2.8% of all DOGE. After Crypto Twitter noticed the transaction, rumors instantly resurfaced that Elon Musk could possibly be the person behind it.
One consumer speculated that the billionaire is making ready to pay out money to supply collateral for Tesla‘s margin calls. Nonetheless, it’s a truth that there’s at present no proof that the biggest DOGE deal with belongs to Elon Musk.
There are some speculations that might level to this and have stored the rumor floating across the crypto group for fairly a while. The hypothesis has even led to Elon Musk dealing with the matter in Manhattan federal courtroom.
In June, buyers filed a lawsuit alleging that Musk and his corporations Tesla Inc, SpaceX and Boring Co manipulated the Dogecoin worth. The lawsuit seeks $258 million in damages.
Clues That Elon Musk Is The Largest Dogecoin Holder
A have a look at BitInfoCharts’ Wealthy Listing reveals that the richest Dogecoin deal with is assigned to the American buying and selling platform Robinhood. Nonetheless, there are doubts about this.
Cryptocurrency alternate addresses are characterised by the truth that there are fixed inflows and outflows. Nonetheless, the mysterious DOGE deal with reveals very atypical habits, which raises the query of whether or not it’s actually an deal with of Robinhood, as a analysis knowledgeable informed Enterprise Insider.
Subsequently, in early November, the on-chain evaluation service “Lookonchain” performed an investigation into the origin of the biggest Dogecoin deal with. The evaluation discovered that the biggest whale acquired the token in giant portions between July 19 and July 21, totalling 41 billion DOGE value $6.4 billion at the moment.
Who’s the proprietor of the biggest holder of #DogeCoin?
Despite the fact that @bitinfocharts tagged $DOGE’s largest holding deal with as “Robinhood”, I nonetheless assume it is Elon Musk’s deal with.
1.🧵Right here is a few proof. pic.twitter.com/j0nl4c4FOQ
— Lookonchain (@lookonchain) November 1, 2022
The DOGE of the present largest deal with got here from 5 different addresses, with the biggest share coming from an deal with beforehand believed to be attributed to Elon Musk. That deal with ended its DOGE accumulation sooner or later earlier than Elon Musk tweeted on February 10, 2021, that he had bought Dogecoins for his son.
One other putative indication is the quantity of Dogecoin that one of many addresses purchased in February 2021, particularly: 3 times 28.061971 DOGE. Coincidentally, this, June 28, 1971, is Elon Musk’s birthday.
At press time, the DOGE worth was bouncing off the essential assist at $0.07 and simply sat above this stage.
Featured picture from Unsplash, Chart from TradingView.com