One person holds 28 percent of the total stock – a value of 2.1 billion
No time right now?
The largest Dogecoin shareholder in the world holds 28 percent of all coins, currently worth 2.1 billion US dollars. There is wild speculation about his identity.
Dogecoin, the fun currency launched in 2013 as a parody of Bitcoin, currently has a market capitalization of almost seven billion dollars, exceeding the value of international corporations such as Under Armor. What was previously unknown is the fact that 28 percent of the coins can be assigned to a single digital address. That reports that Wall Street Journal (WSJ).
Contents
Musk and others are pushing Dogecoin to the current level
The Dogecoin was under the radar for years while the Bitcoin made a career worldwide. It wasn’t until Elon Musk and other celebrities, including rapper Snoop Dog, began to take an interest in the currency that it became the focus of a wider investor base.
In particular, the tweets from Elon Musk ensured a sometimes rapid rise. At times the currency was worth more than ten billion dollars afterwards. The following tweets alone caused an upswing of around 30 percent.
🎶 Who let the Doge out 🎶
– Elon Musk (@elonmusk) February 7, 2021
Ð is for Ðogecoin! Instructional video.https://t.co/UEEocOfcTb
– Elon Musk (@elonmusk) February 8, 2021
Previously, the traders of the Wallstreetbets forum on Reddit had massively stocked up on Dogecoin.
Who is the Dogecoin whale?
The major shareholder that has now been found, who cannot be identified cryptotypically and could basically also represent an exchange, is a mystery. Not much is known.
What we do know is that a single address has stored around 36.8 billion Dogecoin as of February 2019. What is also known is that the account was filled with exactly 28.061971 Dogecoin on various occasions. June 28, 1971 is Elon Musk’s birthday. So is Elon Musk the Dogecoin whale himself?
In connection with considerations about a crypto currency for his Mars project, Musk had recently philosophized again about Dogecoin as a possibility. As if out of thin air, he brought up the topic of large Dogecoin concentrations among individual investors. If this problem was solved, nothing would stand in the way of using Dogecoin, according to Musk.
If major Dogecoin holders sell most of their coins, it will get my full support. Too much concentration is the only real issue imo.
– Elon Musk (@elonmusk) February 14, 2021
He would “literally pay for it” if large owners closed their accounts, Musk said in another tweet. It is possible that this was Musk’s cryptic admission. It is not proof.
This is the Dogecoin
The name Dogecoin is based on the English term for dog. The currency’s logo shows the Japanese Shiba Inu dog Kabosu. That, in turn, became an internet meme in 2010 and has haunted the net again and again since then.
Like Litecoin, Dogecoin uses Scrypt for its proof-of-work algorithm. Unlike Litecoin and other cryptocurrencies, there is no limit with Dogecoins. Since 2015, 5.2 billion new Dogecoins are to be added every year. Currently should according to Coinmarketcap around 128 billion coins are in circulation.
