Largest Dogecoin Holder Transfers $280M, Is it Elon Musk?

The Dogecoin value is presently experiencing a moderately underwhelming week. Throughout the final seven days, the DOGE value has dropped by round 15%. The sell-off was reignited yesterday after a vote on Twitter revealed that Elon Musk is ready to step down from his function as Twitter CEO.

Curiously, the most important 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 most important switch in sooner or later for the reason that creation of the Dogecoin deal with talked about above. In accordance with BitInfoCharts knowledge, the most important 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 might be the person behind it.

Dogecoin largest addresses
Dogecoin largest addresses. Supply: BitInfoCharts

One person speculated that the billionaire is getting ready to pay out money to supply collateral for Tesla‘s margin calls. Nevertheless, it’s a truth that there’s presently no proof that the most important DOGE deal with belongs to Elon Musk.

There are some speculations that would level to this and have saved 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, traders filed a lawsuit alleging that Musk and his firms Tesla Inc, SpaceX and Boring Co manipulated the Dogecoin value. The lawsuit seeks $258 million in damages.

Clues That Elon Musk Is The Largest Dogecoin Holder

A take a look at BitInfoCharts’ Wealthy Record reveals that the richest Dogecoin deal with is assigned to the American buying and selling platform Robinhood. Nevertheless, there are doubts about this.

Cryptocurrency trade addresses are characterised by the truth that there are fixed inflows and outflows. Nevertheless, the mysterious DOGE deal with exhibits very atypical habits, which raises the query of whether or not it’s actually an deal with of Robinhood, as a analysis skilled told Enterprise Insider.

Due to this fact, in early November, the on-chain evaluation service “Lookonchain” performed an investigation into the origin of the most important Dogecoin deal with. The evaluation discovered that the most important whale acquired the token in giant portions between July 19 and July 21, totalling 41 billion DOGE price $6.4 billion at the moment.

The DOGE of the present largest deal with got here from 5 different addresses, with the most important 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 value was bouncing off the essential help at $0.07 and simply sat above this stage.

Dogecoin DOGE USD 2022-12-20
DOGE value, 1-day chart

Featured picture from Unsplash, Chart from

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