Believe it or not, the largest Dogecoin holder in the world is a whale, and it has further expanded its portfolio recently. Data from Bitinfocharts shows that a Dogecoin address DH5yaieqoZN36fDVciNyRueRGvGLR3mr7L added roughly 420.6899 Doge, worth $192, taking its overall holdings to whopping 36.7 billion Dogecoins which are nearly worth $15 billion. The valuation was once close to $22 billion but has decreased due to the recent crypto crash.
The mysterious whale has added 36.7 billion Dogecoins to its portfolio since 2019 and now holds around 28 per cent of the total coins in circulation. The value of one Dogecoin is $0.393 (at the time of writing), which has taken this mysterious whale's total holdings to $14.7 billion.
There is a lot of speculation around who could be behind this Doge wallet. Crypto experts believe that the address could belong to an individual, a market maker, or an exchange. However, the holder has used numbers like '420' in the address which suggests that it might just be a person too much into the joke.
There were reports suggesting that Robinhood might be hoarding these coins but its CEO Vlad Tenev clarified that earlier this month. Others suggested Elon Musk's name. This is because three separate transactions in the whale's wallet adde 28.061971 Dogecoins each, which could possibly be a reference to Musk's date of birth June 28, 1971.
The idea of a secret whale holding on to this huge wealth might sound fascinating, but it isn't good for the crypto market. All cryptocurrencies, including Dogecoin, get their value from the network of people. More holders allow these coins to grow and exchange. If a large part of any crypto is in the hands of an individual, it is not good for the financial health of that coin.
Even Dogefather Elon Musk had warned about the same.
"If major Dogecoin holders sell most of their coins, it will get my full support," Musk said in a tweet in February. "Too much concentration is the only real issue imo. I will literally pay actual $ if they just void their accounts."
The top 100 dogecoin addresses own 67 per cent of the total dogecoin supply.
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