Elon Musk himself stated through Twitter in February 2021 that the largest situation with Dogecoin is its focus amongst a couple of whales. The billionaire wrote on the time:
If main Dogecoin holders promote most of their cash, it is going to get my full help. An excessive amount of focus is the one actual situation imo. I’ll actually pay precise $ if they simply 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 supplied.
Even the Federal Court docket in Manhattan has to cope with the problem of Musk supposedly rigging the DOGE worth since June this 12 months. Traders 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 grievance.
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 approach, the defendants “made tens of billions of {dollars}, figuring out 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’s at the least obvious is that each tweet from Musk concerning 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 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 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 embody inflows and outflows. Nonetheless, the mysterious tackle exhibits a really untypical habits 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 price $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 similar 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 is usually 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 full provide.
One other attention-grabbing 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.
