Dogecoin top dog holds 28% of the cryptocurrency

Dogecoin

We already knew that Dogecoin is the cryptocurrency with one of the most unequal distributions, a fact that Elon Musk also very recently alluded to and wants to see changed.

Dogecoin started as a joke in 2013, and has flown relatively under the radar compared to other digital tokens.

But the meme inspired coin has been in the spotlight this past year, as celebrities like Snoop Dog throw their weight behind the cryptocurrency. Tesla CEO Elon Musk also frequently tweets about Dogecoin, and even spoke about it on social media app Clubhouse earlier this month.

It has now topped a valuation of $10 billion, capitulating it to levels of brands like Shake Shack and Under Armor.

And a single digital address appears to have accumulated holdings in Dogecoin.

The pack leader, who could be a person or an entity, owns about 28% of all the cryptocurrency in circulation. As is common in the opaque world of digital currencies, the identity of the holder is not known.

What is known, however, is that at current prices, this stake is worth about $2.1 billion.

It is this owner who became a subject of attention after Musk complained that too much concentration is the only real issue with Dogecoin that prevents his full support, and that he would pay the biggest holders to void their accounts.


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