Largest dogecoin owner accumulates 28% of the coin and becomes a billionaire | Finance

A single dogecoin investor (DOGE) accumulates 28% of all currencies in circulation on the market. Its cryptocurrency assets currently total $ 1.9 billion after the asset’s intense valuations during the end of January this year. The entire amount is concentrated in a single digital wallet, but it is not known to whom it belongs.

Dogecoin (Image: FXTM Thailand / Flickr)

Dogecoin (Image: FXTM Thailand / Flickr)

This address has 36.8 billion dogecoins, representing 28% of all DOGE in circulation today, as indicated by the cryptocurrency blockchain data provided by the BitInfoCharts platform. That amount was worth US $ 2.95 billion when the digital currency was at its historic high on February 8th. However, the asset has been operating since then.

Investor became billionaire after WallStreetBets

The mysterious investor became a billionaire after coordinated actions on Reddit by the WallStreetBets group. At the end of last month, the movement organized mass purchases of dogecoin and GameStop stock.

At the time, cryptocurrency based on a Shiba Inu dog meme rose by more than 1,500% from January 27 to 29. Thus, the amount of approximately 30 billion DOGE in the digital portfolio jumped from US $ 247 million in value to more than US $ 1.6 billion. Since then, the address has registered numerous purchases totaling another 6 billion dogecoin over the course of February.

Address history - DH5yaieqoZN36fDVciNyRueRGvGLR3mr7L - owner of 36 billion DOGE (Image: Playback / BitInfoCharts)

Address history – DH5yaieqoZN36fDVciNyRueRGvGLR3mr7L – owner of 36 billion DOGE (Image: Playback / BitInfoCharts)

Address started buying DOGE in 2019

Records indicate that the investor first bought the cryptocurrency on February 2, 2019. The first acquisition was only 100 DOGE, which was individually worth a measly $ 0.0018 at the time. In the same month, however, the address received 9 billion units of the cryptocurrency through multiple transactions. Even though the digital currency is worth little, the amount was already equivalent to more than US $ 18 million.

So, by the end of 2019, the digital portfolio had accumulated more than 11 billion DOGE. The following year, the movement intensified and at the end of 2020 the address had the balance of almost 23 billion cryptocurrency. That amount increased rapidly this year. Since the beginning of January and before the coordinated actions of WallStreetBets, the investor has acquired another 7 billion digital assets.

Who could the billionaire portfolio belong to?

Technically, it is impossible to identify the holder of the digital wallet holding billions in dogecoin by the degree of anonymity that exists. What is known is the wallet’s address, while the blockchain system allows free checking of all your transactions. However, some hypotheses have already been raised.

THE The Wall Street Journal pointed out in a report that the address could belong to a stock exchange where dogecoin is traded. This hypothesis is possible, but unlikely due to the DOGE input and output balance on it. Since its creation, the digital wallet has received a total of 43.8 billion units of the digital currency, while only 7 billion have left.

The behavior of the blockchain address suits more than one investor, be it institutional or retail, given that he takes advantage of opportunities to buy dogecoin. In addition, no digital currency has left the wallet since December 21, 2020.

However, it is interesting to note that throughout January 2021, until one day before the coordinated actions of WallStreetBets that valued dogecoin by more than 1,500%, the address received another 7 billion DOGE. It could be a coincidence, but it is reasonable to assume that the mysterious investor at least participated in the group on Reddit to anticipate the asset price record.

Elon Musk?

The person or institution that owns the digital wallet must have at least tens of millions of dollars available to buy dogecoin. Still in 2019, the address registered the entry of 8 billion DOGE divided into two operations. In total, at the price of the time, more than US $ 15 million were spent.

It is inevitable to think of Elon Musk as the possible owner of the digital wallet. The relationship between Tesla’s owner and the cryptocurrency meme is very close in recent times. The tycoon threw digital currency into the spotlight by tweeting it over and over. On one occasion, he made the cryptocurrency appreciate by more than 50% with just a series of posts.

In addition, Musk played an indirect role in the record appreciation of dogecoin during WallStreetBets’ actions, when his post was interpreted as an alleged support for cryptocurrency.

Even though he already said on a panel in the famous Clubhouse audio app that his tweets about the cryptocurrency would be nothing more than jokes, last week the billionaire posted a more serious position on dogecoin. He stated that there is a real problem of concentration in the market, probably referring to this digital portfolio that holds 28% of all DOGE. In addition, he encouraged owners of the asset to sell it and even said he would pay for it.

However, in the end it is impossible to identify the owner of the digital wallet, but Musk is not such a likely candidate. He only started talking about dogecoin in 2020, while the portfolio has existed since 2019 making millionaire purchases. Furthermore, there is no major acquisition before the magnate’s publications, which would be logical to do since he would know that a sudden appreciation would happen after his own positions.

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