Over $15 billion worth of Dogecoin has been accumulated by this whale on its Doge address. And recently, the address has added 420.69 coins. This is obviously not a big amount and is just a reference to the meme numbers 420 and 69 and hence is worth writing about. My guess is Elon Musk is behind this address, being the biggest Dogecoin enthusiast, but obviously, that is not sure. The address has been accumulating Dogecoin for the last 2 years and now has 28% of the entire Dogecoin supply worth over $14.7 billion.
Musk’s request to Dogecoin whales
High concentration of any coin in a single hand is obviously not a good thing. This can lead to market manipulation and the ability to control the price of the coin. This is why Elon Musk has offered these whales to dump their coin into the market and has also offered to pay them for the same. Yes, it would affect the price of the coin in the shorter time frame, but in the long run, it would be good for the currency. But it seems the whales are not going to listen to musk; after all, everyone wants to have as much Doge as they can.
Is Elon a Dogecoin Whale himself?
Even though Elon has the money and enthusiasm to pick up any amount of Doge he wants, and no matter how much, I want to believe, he is probably not the whale. This is easy to understand by taking a look at a few facts. First of all, his money is mostly into Tesla stocks, and he hasn’t liquidated any of his shares of the company. This means Elon is probably living on his salary. And secondly, he has asked the whales to dump the coins, and if he were one of them, why will he tweet that.
What are your thoughts on the Dogecoin whale holding more than 1/4th of the entire supply? And is it too much power in one hand that could lead to the demise of the coin? Let us know in the comments below. Also, if you found our content informative, do like it and share it with your friends.
