The dogecoin market has a pack leader.
Records show that a person, or entity, owns about 28% of all cryptocurrencies in circulation – a stake worth about $ 2.1 billion at current prices. The identity of the holder is not known, which is common in the opaque world of digital currencies.
It is difficult to say what to do with this giant position in what has long been a small and niche in the world of cryptocurrencies.
Dogecoin was created in 2013 as a satirical tribute to bitcoin. Its developers were crafting the meme of a Shiba Inu dog with bad spelling habits. It was not designed to be used as a form of payment or anything except a joke. In early 2021, a dogecoin was worth about half a penny, even as bitcoin prices rose to nearly $ 30,000.
Things have changed this year. Dogecoin grew in popularity after business and pop culture icons, including Tesla CEO Elon Musk, rapper Soulja Boy and “Malcolm in the Middle” star Frankie Muniz, started promoting him online. It is not clear what caught his attention.