Robinhood CEO shoots down Dogecoin whale rumor

Dogecoin Mystery

The mystery of the Dogecoin whale address endures. Dogecoin has been the talk of the cryptocurrency world for many a moon now. For good reason, too, as this coin has rallied multiple times this year.

And while its upswings and downturns continue as normal, enthusiasts continue to have the largest holder in the Dogecoin economy under a crosshair. This is a mysterious address with 36.7 billon dogecoins, which makes this a massive whale as far as whales go.

In fact, it is this very concentration that Elon Musk alluded to recently.

The biggest complaint about the Dogecoin economy is the massive amount of DOGE a whale address is in possession of — some 28% in total.

The Dogecoin address in question is DH5ya, which is in possession of more than 36.7 billion of these coins. This not only makes this the richest Dogecoin address, but also the most mysterious when it comes to its movements.

A look at the transactions reveals that 797 coins were obtained by the address owner during the last 7 days, and it has also collected 3,755 coins in the past 30 days. Since the address was created, it has only sent 21 separate transactions out of the wallet, and has received 1,123 incoming transactions total.

DOGE Rich List

Crypto speculators think that this is either Musk himself, or the trading platform Robinhood that has this many dogecoins in cold storage.

Of course, it could be any other whale, which is why this remains one of the biggest mysteries in the crypto space. Many believe that too much concentration is the only real issue with the Dogecoin ecosystem.

This is why the community is talking incessantly about this quirky address. Three months ago, this Reddit thread posted about the mystery being solved.

The person who started the thread believes that the address is owned by Robinhood, the stock and cryptocurrency exchange platform. Evidence suggests that everything started on June 26, 2018, which is when Robinhood started preparation for trading Dogecoin.

And despite the armchair sleuths pointing to coincidental evidence, Robinhood Markets CEO Vlad Tenev put an end to speculation in a fireside chat earlier this month, saying that they don’t have significant positions in any of the coins that they keep.

That’s what we have as far as official comments go, but people continue to believe that the address belongs to Robinhood.


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