A mysterious Dogecoin address has managed to accumulate over 27% of all altcoin market supply.
DOGE, a meme currency that has been around since 2013, has continued to gain market attention thanks to high-level Twitter references from Tesla and SpaceX founder Elon Musk. A recent study found that Musk’s tweets involving DOGE had a significant impact on altcoin price and trading volume.
Pop artist Soulja Boy also contributed to the media hype for DOGE, asking her 5.2 million followers last week whether they preferred BTC or DOGE.
Crypto community members have now discovered a single Dogecoin address with more than 36 billion DOGE ($ 2.5 billion). The anonymous address is in control of 27% of all DOGE, with the top twenty addresses holding a total of 50% of the coin’s total stock.
Dogecoin’s mysterious address has apparently hidden messages in transactions it has sent. On Reddit, through r / cryptomarkets and r / dogecoin subreddits, users were able to decipher one, which contained the date of birth of Tesla CEO Elon Musk.
Some even speculated that the address might belong to Elon Musk, based on the timing of Musk’s tweets about the cryptocurrency meme and the transactions the address has been doing.
By deciphering a series of binary code transactions, users were able to obtain a string with the reading “? NOLEUOYTISI. ” The string says “ARE YOU ELON?” back.
A Twitter user warned investors that DOGE’s disproportionate holdings could lead to a drop in prices if whale addresses begin to evict.
Changpeng Zhao, CEO of the cryptocurrency exchange Binance, also issued a similar warning about DOGE’s distorted offer, in addition to calling the project “abandoned”.
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