Believe it or not, the biggest Dogecoin holder on the earth is a whale, and it has further grown its portfolio lately. Information from Bitinfocharts indicates that a Dogecoin address DH5yaieqoZN36fDVciNyRueRGvGLR3mr7L added roughly 420.6899 Doge, value at $192. It is taking its total holdings to a whopping 36.7 billion Dogecoins which are approximately worth $15 billion. The evaluation was once near $22 billion. However, has shrunk due to the latest crypto collapse.
The enigmatic whale adds 36.7 billion Dogecoins to its portfolio since 2019 and currently holds about 28% of the total coins in circulation. The worth of one Dogecoin is $0.393 (at the time of writing), which has held this enigmatic whale’s total holdings to $14.7 billion.
There is a lot of speculation about who can be behind this Doge wallet. Crypto experts consider that the address could fit an individual, a market maker, or an exchange. However, the bearer has applied numbers like ‘420’ in the address.
There were reports implying that Robinhood may be hoarding these coins however, its CEO Vlad Tenev clarifies that previously this month. Others suggest Elon Musk’s name. This is because three distinct transactions in the whale’s wallet address 28.061971 Dogecoins each. This can probably be a reference to Musk’s date of birth June 28, 1971.
Investors must be concerned
The concept of a secret whale carrying on to this enormous wealth may sound intriguing. However, it is not good for the crypto industry. All cryptocurrencies, comprising Dogecoin, get their value from the network of people. More holders permit these coins to expand and exchange. If a huge portion of any crypto is in the shares of an individual, it is not good for the commercial health of that coin.
Even Dogefather Elon Musk had cautioned about the same.
“If key Dogecoin holders offer most of their coins, it will get my full backing,” Musk says in a tweet in February. “Too much intensity is the only genuine challenge, in my opinion. I will accurately pay actual $ if they just reject their accounts.”